NEW YORK (AP) — Shares of Bristol-Myers Squibb and Pfizer rose before the market opened Friday on news that a late-stage study showed their potential irregular heart rhythm drug was effective.
Interim results of the study involving apixaban revealed clear evidence of a reduction in stroke and systemic embolism in patients with irregular heart rhythms, the companies reported.
In the study, patients either received 5 milligrams of apixaban twice daily or aspirin.
Jefferies International Ltd. analyst Jeffrey Holford reaffirmed a “Buy” rating on Pfizer, citing the results and further upcoming data on the apixaban program as a “pivotal event.”
Shares of Bristol-Myers Squibb Co. rose 43 cents, or 1.7 percent to $25.07 in premarket trading. Meanwhile, Pfizer Inc. shares rose 20 cents, or 1.3 percent, to $15.11.
