This year’s European Society for Medical Oncology conference was one that Bristol-Myers Squibb Co BMY 0.86% shareholders would like to forget. The primary focus for Bristol-Myers was the company’s failed CM-26 trial.

Bristol-Myers shares are down 9.4 percent in early Monday trading following the disappointing Opdivo data. However, Goldman Sachs analyst Jami Rubin believes there are still plenty of reasons for Bristol-Myers investors to be bullish.

“On the bright side, we believe the updated CM-012 was very promising with strengthening ORR, PFS, and OS since the last update,” Rubin explains.

He adds that Bristol-Myers’ indication that the company should have access to an accelerated path to market for its combo was a pleasant surprise.

Goldman projects that Bristol-Mysers could file for the combo as soon as mid-2017 based on the results from follow-up studies CM-012 and CM -568.

Bristol-Myers’s stock is already down more than $20 as the market has priced in its 1L monotherapy disappointment. However, Rubin believes…

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