Why Bristol-Myers Is Soaring

In this video, health care analyst David Williamson discusses Bristol-Myers Squibb's (NYSE: BMY  )  big pop, words not often used in conjunction with a big pharma stock with a $70 billion market cap. Shares were up as much as 7% intraday, hitting decade-long highs for Bristol in advance of tonight's release of ASCO abstracts.

Investors may be excited for phase 1 data for Bristol's cancer drug nivolumab in conjunction with Yervoy for late-stage melanoma. While the data has yet to be released, the possibility of outsize clinical gains is present, as both drugs get the immune system to attack cancer in different ways.

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