Bristol-Myers Drops After Lung-Cancer Drug Study Fails

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Shares of Bristol-Myers Squibb Co. (BMY - Get Report) fell in premarket trading on Tuesday, Nov. 27, after the drugmaker revealed a lung-cancer study it had been working on had failed.

Bristol Myers was down 2.8% after the company said a clinical study using a combination of the drugs Opdivo and Yervoy didn't significantly improve survival rates in patients with extensive-stage small cell lung cancer vs. placebo.

#MEDIA: We announced topline results from our small cell lung cancer program

— Bristol-Myers Squibb (@bmsnews) November 26, 2018

Shares of Bristol-Myers hit a 52-week high of $70.05 back in February before slipping down to $51.17 in April. It then recovered through the start of October, rising to $63.23 on Oct. 8, before dropping to $48.83 on Oct. 24.

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