With Bristol-Myers Trial Stopped Early, 'What's Next?'

Bristol-Myers Squibb Co BMY announced on Fridady that its Opdivo trial was stopped early after superior results. Mark Schoenebaum at Evercore ISI said that expectations "were high going into the interim analysis," but the announcement removes any risk, however small.

With the trial stopped, Schoenebaum said that "the next question appears to be the timing of FDA approval." When Bristol-Myers prior trial for Opdivo was stopped in mid January, FDA approval happened in early March – less than two months later. Schoenebaum said that it was "perhaps the fastest approval in my 15-year career."

As it relates to Opdivo in this phase, Schoenebaum said that the drug could still receive approval by year-end and Bristol-Myers could have the Opdivo on the market "by the beginning of 2016."

Bristol-Myers is volatile in Friday's session, but last traded at $65.26, up 2.5 percent on the news.