William L. Moore
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William L. Moore in Insider trading,

Argus: Bristol-Myers Selloff Is Overdone, Reiterating $90 Target

Shares of pharmaceutical giant Bristol-Myers Suibb Co plunged after the company announced its Opdivo drug had failed a trial evaluating its efficacy as an alternative treatment to chemotherapy in lung cancer patients. Specifically, the potential blockbuster drug failed to effectively demonstrate that it slowed the progression of advanced lung cancer in patients.

The news came as a big surprise to Wall Street as the FDA has already approved Opdivo to treat metastatic melanoma and small cell lung cancer that has not responded to chemotherapy. In a statement, the company said, "While today's news is disappointing, Bristol-Myers Squibb is proud of all that the company has and aims to accomplish with Opdivo. We are indeed transforming cancer care, and remain committed to bringing the benefit of our medicines to the greatest number of patients across multiple cancers."