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The good news for Merck (MRK) means Bristol-Myers Squibb (BMY) is feeling the pressure. Merck shares were gaining in midday trading on Monday after its Keytruda lung cancer drug produced successful results in a Phase II/III trial. The pharmaceutical company said the drug demonstrated better survival rates when compared to traditional chemotherapy treatment in patients with previously untreated lung cancer. U.S. regulators are expected to decide on Keytruda's approval for non-small cell lung cancer by Dec. 24.
Bristol-Myers Squibb, which is a holding in Jim Cramer's Action Alerts PLUS portfolio, is also developing a similar lung cancer treatment, Opvido. But the company said the drug wasn't as effective as chemotherapy. Shares fell by more than 10% on the news.
Tesaro (TSRO) shares jumped on positive top-line results from its niraparib ovarian cancer drug trial. Tesaro tested niraparib in combination with a traditional chemotherapy treatment and found that it reduced the progression of ovarian cancer symptoms.
TheStreet's Adam Feuerstein said niraparib worked best in patients born with a mutation to a tumor suppressor gene known as BRCA and also produced strong results in patients without the BRCA mutation.
Meanwhile, market darling Twilio (TWLO) was taking a hit during the trading session Monday, down more than 10%, after filing with the SEC for a secondary offering of $400 million in class A common stock. Twilio said it will sell $50 million of the shares and select shareholders will sell the rest. The company will not receive any proceeds from shares sold by stockholders. Twilio raised $172.5 million in its June IPO.
Finally, as the Twitter (TWTR) takeover talks die down, shareholders are warming up to salesforce.com (CRM) again. CRM shares were rising by more than 6% during midday trading Monday following a Bloomberg report in which sources said that the cloud computing company is reconsidering its decision to bid for the social media company. Just last week, Twitter had a host of potential suitors -- from Alphabet (GOOGL) and Apple (AAPL) to the likes of Walt Disney (DIS) -- but they all backed out. (Both Alphabet and Apple are holdings in Jim Cramer's Action Alerts PLUS portfolio).
Analysts with JPMorgan Chase (JPM) wrote in a research note this morning that the recent selloff in salesforce.com stock due to concerns over an expensive Twitter deal could provide a buying opportunity. The bank has an Overweight rating and $95 price target on the shares.
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