NEW YORK (TheStreet) -- Bristol-Myers Squibb (BMY) shares are up 3.1% to $49.82 on Wednesday following the announcement of positive results from the Phase 3 clinical trial of its melanoma treatment.
The biopharmaceutical company ended trials after test results revealed that patients treated with Bristol-Meyers melanoma drugs had a "superior overall survival" rate than patients treated with only chemotherapy.
The melanoma treatment market sees global sales of $1.4 billion annually and these successful drug trials cement Bristol-Myers Squibb place as the market leader in the industry.
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TheStreet Ratings team rates BRISTOL-MYERS SQUIBB CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BRISTOL-MYERS SQUIBB CO (BMY) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."