Bristol Myers rises as Alzheimer's trial to enroll more patients

Shares of drugmaker Bristol Myers Squibb BMY.N rise 3.7% to $50.03 premarket

Co says it will continue enrolling patients in its late-stage trial of cobenfy, a drug being tested for psychosis linked to Alzheimer's disease

This comes after a review found irregularities at some study sites, co says

FDA and independent safety committee consulted; data from affected sites excluded before analysis - BMY

Committee recommends adding more participants to reach original target; co remains blinded to results - BMY

"Delay raises additional questions but may suggest positive trends" — William Blair

"The decision to remove the patient data and enroll additional patients was made in agreement with the FDA and prior to database lock" — William Blair

BMY's cobenfy, approved for schizophrenia, could be first in new class for agitation and psychosis in Alzheimer's, co says

Up to last close, stock down ~15% YTD