Positive new data on Bristol-Myers's clazakizumab and nivolumab

US drug major Bristol-Myers Squibb (NYSE: BMY) and partner privately-held Alder Biopharmaceuticals have presented efficacy and safety data from a Phase IIb dose-ranging study of subcutaneous (SC) clazakizumab in adults with moderate-to-severe rheumatoid arthritis (RA) and an inadequate response to methotrexate (MTX).

The drug reduced symptoms of the disease and was about as effective as a current standard treatment Humira (adalimumab), the blockbuster marketed by AbbVie (NYSE: ABBV). Clazakizumab is a humanized anti-IL-6 monoclonal antibody that is directed against the IL-6 cytokine rather than its receptor.

B-MS’ shares rose 6.7% to $52.02 by close of trading yesterday, its highest price since December 2001, according to Bloomberg, as the company also released encouraging Phase I results with nivolumab, showing that this immune-system based cancer treatment extended the lives of lung cancer patients. Two-year survival rates in 24% patient were reported. The batch of news led analysts at Morgan Stanley to upgrade the company’s shares to overweight from equal and raise its price target to $60 from $45.