Bristol clobbered—shares drop 17%—after failed drug test

August 5, 2016 2:45 PM

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Bristol clobbered—shares drop 17%—after failed drug test

Shares of Bristol-Myers Squibb plunged more than 17 percent in morning trading Friday after its important cancer drug failed to meet targets in a late-stage study.

Shares of Bristol-Myers' competitors who have their own versions of the cancer therapy rose on the news.

Also read: Economy: Jobless claims drop to lowest since 1973; housing starts jump 11%

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