BMY - Bristol Myers Squibb: 5.5% Yielder Has Been Crushed In What Could Be A Generational Buying Opportunity
2024-05-23 09:58:25 ET
Summary
- Bristol Myers Squibb shares have plummeted due to concerns about patent expirations and growth prospects.
- BMY stock is currently trading near its 200-week moving average, which historically has been a good buying opportunity.
- The company has made acquisitions and has a pipeline of candidates to offset patent expirations and drive future growth.
Bristol Myers Squibb ( BMY ) shares have been plunging recently over concerns about patent expirations, and growth prospects. In 2022, this stock was trading for more than $80, but it has been nearly cut in half since then. This has piqued my interest since I like to be a contrarian investor and seek out stocks that might be victims of excessive negativity, which seems to happen from time to time, and even to the best stocks. For example, just about 18 months ago, Meta Platforms (META) was trading for less than $100 per share, and now it is very close to $500 per share. NVIDIA ( NVDA ) was trading for about $140 per share in 2023, and now it is trading for more than $900 per share. It was not easy to buy Meta Platforms when it was trading below $100, because at that time investors were concerned that it had very little future growth potential, and the same was true for NVIDIA....
Bristol Myers Squibb: 5.5% Yielder Has Been Crushed In What Could Be A Generational Buying Opportunity