Merck Shares Higher Following Bristol-Myers' Phase 3 Disappointment

Shares of Bristol-Myers Squibb (NYSE: BMY ) fall 7.15% following Q4 results and management's announcement that the company will continue Phase 1 studies of nivolimab and Yervoy in lung cancer before advancing to Phase 3. BMO Capital Markets analyst Alex Arfaei's noted that many investors expected a rapid advancement