Merck (MRK) Surges After Bristol-Myers Squibb's (BMY) CheckMate -026 Trial Fails

August 5, 2016 8:24 AM EDT

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Shares of Merck (NYSE: MRK) surged pre-market Friday after Bristol-Myers Squibb (NYSE: BMY) released disappointing results from CheckMate -026, phase 3 study of Opdivo for treatment of patients with NSCLC.

The study showed Opdivo did not meet trial primary endpoint of progression-free survival in patients expressing PD-L1 ≥ 5%.

Gains were also seen in shares of competitors AstraZeneca (NYSE: AZN) and Roche.

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