Bristol-Myers shares drop after company says it will not seek fast-track drug approval

The pressure on Bristol-Myers Squibb (BMY) shares continues.

The stock shed more than 11 percent in Friday trade after the company announced it will not seek a fast track to Food and Drug Administration approval for a new lung cancer treatment.

The treatment — a combination of its immunotherapy drugs Opdivo and Yervoy designed as a first-line lung cancer treatment — is still expected to receive approval in the second half of 2018.

Bristol-Myers said in a statement it will not provide additional details "in order to protect the integrity of ongoing registrational studies." The company reports fourth-quarter earnings on Thursday, Jan. 26.

On Jan. 11, shares of Bristol-Myers Squibb fell 5 percent following the FDA's acceptance for review of a similar lung cancer drug from Merck (MRK). Merck shares rose nearly 3 percent that day and were up 3.7 percent Friday morning.

With Friday's declines, Bristol-Myers Squibb shares are down more than 15 percent for the year so far, while Merck shares are up more than 6 percent.

Bristol-Myers Squibb stock 30-day performance

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