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Bristol Meyers Upgraded on Lung Cancer Drug Results

 (Image source: glassdoor)

 This morning, Bristol-Myers Squibb Co (NYSE:BMY) was upgrade from equal-weight to overweight by Morgan Stanley. The upgrade was a result of Bristol-Meyers’ lung cancer drug nivolumab showing a 24 percent chance of two-year survival rate, which was up from a previous estimate of only 14 percent. The price target was also raised from $45 to $60 per share. Shares are trading above 4 percent on the news.