Should You Buy Bristol Myers Squibb Stock At $63?

Should You Buy Bristol Myers Squibb Stock At $63?

NEW YORK, NY - JANUARY 4: A logo for pharmaceutical company Bristol-Myers Squibb is displayed on a ... [+] monitor on the floor of the New York Stock Exchange (NYSE) ahead of the opening bell, January 4, 2019 in New York City. Following a strong December jobs report, the Dow Jones Industrial Average rose 350 points at the open on Friday morning. In a television interview on Friday morning, National Economic Council Director Larry Kudlow said he believes there is 'no recession in sight.' (Photo by Drew Angerer/Getty Images)



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We believe that Bristol Myers Squibb stock (NYSE: BMY) is a good buying opportunity at the present time. BMY stock trades near $63 currently and it is, in fact, down 6% from its pre-Covid high of $67 in February 2020 – just before the coronavirus pandemic hit the world. BMY stock has rallied over 35% since its March lows of $46, compared to a 63% gains for S&P 500. The underperformance can partly be attributed to the weaker than estimated sales of its blockbuster drug - Opdivo. That said, the company's overall Q3 performance was better than street estimates, and now with economies