Northern, WI 7/20/12 (StreetBeat) – Onyx (Nasdaq: ONXX) shares hit a 52 week high in trading Friday after announcing that its competitor’s drug trials failed to demonstrate statistically significant results on the study. Bristol-Meyers (NYSE: BMY) reported last night that its brivanib, a liver cancer treatment, failed to meet its primary overall survival objective in a Phase III Trial. Onyx’s Nexavar is used to treat liver cancer, and CEO Leerink Swann wrote that brivanib’s failure represents a significant positive for the long-term outlook of Nexavar.
Onyx increased 6% in morning trade Friday, up $4.10 to $72.50. Bristol Meyers decreased 1.75% to $35.51 after reporting these results.
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