Why the Immutep (ASX:IMM) share price is rocketing 39% higher today

The best performer on the All Ordinaries index on Friday by some distance has been the Immutep Ltd (ASX: IMM) share price.

In afternoon trade, the biotechnology company’s shares are up 29% to 44.5 cents.

At one stage today, the Immutep share price was up as much as 39% to 48 cents.

Why is the Immutep share price rocketing higher?

Investors have been scrambling to buy Immutep’s shares on Friday following the release of a positive announcement Bristol Myers Squibb.

Bristol Myers Squibb is a US$141 billion NYSE-listed pharmaceutical company.

On Thursday Bristol Myers Squibb announced the primary results from the Phase 2/3 RELATIVITY-047 trial. This trial is evaluating the fixed-dose combination of relatlimab, an anti-LAG-3…