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Bristol-Myers Squibb Hits All-Time High Off FDA Approval For Expanded Use Of Opvido

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Bristol-Myers Squibb Co (NYSE: BMY) shares are trading higher by $2.55 at $64.57 in Wednesday's session.

The catalyst for the rally is approval from the FDA for expanded use of Opvido to treat cancer.

After a lower open, it continued in that direction until finding support ahead of Monday's low ($61.04), only reaching $61.17 before rebounding nearly $4.00.

On the news-driven rally, it did not even pause at its two-day of $62.46, and is approaching $65.00 where it may encounter some institutional sell orders.

It should be noted: The issue traded this high on January 12, reaching $64.44 when the company announced a Phase 3 study of Opvido vs. Docetaxel in patients with second-line Squamous Cell NSCLC.

However, it was unable to sustain the gains and was back under $60.00 by February 3. In order to post a new all-time closing high, it must end the session above its January 13 close ($63.12).

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