BMY - Bristol-Myers' win in melanoma described as 'important' sparking gains in related stocks

Bristol Myers Squibb ([[BMY]] -0.2%) trades marginally lower in the morning hours despite the pre-market announcement of the positive results from relatlimab and Opdivo combo in a Phase 2/3 trial in previously untreated metastatic or unresectable melanoma.Relatlimab is an anti-LAG-3 antibody and Opdivo is a programmed death-1 (PD-1) immune checkpoint inhibitor.The inhibition of the LAG-3 pathway could restore the effector function of T cells and potentially promote an anti-tumor response, Bristol Myers said in the press release.And targeting the LAG-3 pathway in combination with other potentially complementary immune pathways could drive anti-tumor immune activity, it explained.With an equal weight rating on the stock and a price target of $69.00 per share implying ~10.8% to the previous close, Barclays analyst Carter Gould calls it is ‘an important win for the field’ after a series of failures.Given the lack of data and citing the ‘understated’ press release, the analyst however expects that the

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Bristol-Myers’ win in melanoma described as ‘important' sparking gains in related stocks