NEW YORK (TheStreet) -- Shares of Bristol-Myers Squibb (BMY) - Get Report were advancing in early afternoon trade on Tuesday after the European Commission announced that the New York-based company's rheumatoid arthritis drug Orencia has been accepted in the EU following data from two late-stage clinical trials.

Orencia can now be used in combination with chemotherapy treatment methotrexate (MTX) for rheumatoid arthritis patients who have yet to be treated with MTX.

The drug is now the first biologic therapy in the EU specifically meant for methotrexate-free patients suffering from active and progressive cases of the disease, according to a Bristol-Myers statement.

The pharmaceutical company can now expand marketing for Orencia in all 28 EU member states.

(Bristol-Myers Squibb is a holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "buy" with a ratings score of B-.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, compelling growth in net income and good cash flow from operations. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: BMY

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