BMS slides after reducing Opdivo/Yervoy expectations

Bristol-Myers Squibb Co. (NYSE:BMY) sank $6.26 (11%) to $49.23 on Friday, shedding about $10.5 billion in market cap, in the wake of Thursday's annoucement that it will not seek accelerated approval of Opdivo nivolumab plus Yervoy ipilimumab as a first-line treatment for lung cancer based on a review of available data (see BioCentury Extra, Jan. 19).

In intraday trading Friday, BMS shares bottomed at $48.92, their lowest point since October 2014...