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Bristol-Myers shares fall 10% after cancer treatment disappoints

A researcher in a Bristol-Myers Squibb laboratory. The drugs — ipilimumab (brand name Yervoy) and nivolumab (Opdivo) — belong to a class called checkpoint inhibitors and are made by Bristol-Myers Squibb.
Emile Wamsteker | Bloomberg | Getty Images

Shares of Bristol-Myers Squibb fell 10 percent Monday, after details from a clinical trial showed the pharmaceutical company's Opdivo cancer immunotherapy drug performed worse than investors had expected.

At a European medical conference on Sunday, New York City-based Bristol-Myers released the results of the closely watched trial. They showed that patients did worse on Opdivo than those on chemotherapy, and survived only 4.2 months before their disease worsened.

That compares with 5.9 months for patients on chemotherapy, though the difference had no statistical significance, Reuters reported.

Five-day performance of Bristol-Myers Squibb