Piper Sandler Initiates Coverage on Bristol-Myers Squibb (NYSE:BMY)

Equities researchers at Piper Sandler started coverage on shares of Bristol-Myers Squibb (NYSE:BMY - Get Free Report) in a research report issued on Tuesday, MarketBeat Ratings reports. The brokerage set an "overweight" rating and a $65.00 price target on the biopharmaceutical company's stock. Piper Sandler's target price would suggest a potential upside of 35.81% from the company's current price.

A number of other research firms have also recently commented on BMY. Truist Financial boosted their price target on Bristol-Myers Squibb from $62.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, January 8th. The Goldman Sachs Group reissued a "neutral" rating and issued a $55.00 target price (down previously from $67.00) on shares of Bristol-Myers Squibb in a report on Tuesday, April 8th. Cantor Fitzgerald raised their target price on shares of Bristol-Myers Squibb from $50.00 to $55.00 and gave the company a "neutral" rating in a research note on Tuesday, February 4th. Wells Fargo & Company boosted their price target on shares of Bristol-Myers Squibb from $60.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. Finally, Citigroup raised their price objective on Bristol-Myers Squibb from $60.00 to $65.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, five have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $58.00.

Bristol-Myers Squibb Stock Performance

Bristol-Myers Squibb stock traded down $0.83 during midday trading on Tuesday, hitting $47.86. The stock had a trading volume of 16,292,011 shares, compared to its average volume of 12,928,300. The company has a current ratio of 1.25, a quick ratio of 1.15 and a debt-to-equity ratio of 2.90. Bristol-Myers Squibb has a 52-week low of $39.35 and a 52-week high of $63.33. The company has a market capitalization of $97.38 billion, a PE ratio of -10.83, a P/E/G ratio of 2.07 and a beta of 0.41. The firm's fifty day moving average is $56.37 and its two-hundred day moving average is $56.50.

Bristol-Myers Squibb (NYSE:BMY - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The biopharmaceutical company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.55 by $0.25. Bristol-Myers Squibb had a negative net margin of 18.53% and a positive return on equity of 13.93%. The firm had revenue of $11.20 billion for the quarter, compared to the consensus estimate of $10.77 billion. During the same period last year, the firm earned ($4.40) EPS. On average, research analysts forecast that Bristol-Myers Squibb will post 6.74 EPS for the current year.

Insider Buying and Selling

In other news, EVP Samit Hirawat acquired 1,823 shares of the firm's stock in a transaction on Friday, February 14th. The stock was acquired at an average price of $54.84 per share, with a total value of $99,973.32. Following the completion of the purchase, the executive vice president now directly owns 63,932 shares in the company, valued at approximately $3,506,030.88. This trade represents a 2.94 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bristol-Myers Squibb

Several hedge funds and other institutional investors have recently modified their holdings of BMY. Pinney & Scofield Inc. bought a new stake in shares of Bristol-Myers Squibb during the fourth quarter worth $25,000. Park Square Financial Group LLC bought a new stake in Bristol-Myers Squibb during the 4th quarter valued at about $26,000. Fairway Wealth LLC purchased a new stake in Bristol-Myers Squibb in the 4th quarter valued at about $28,000. Transce3nd LLC bought a new position in Bristol-Myers Squibb in the 4th quarter worth about $28,000. Finally, Global Wealth Strategies & Associates increased its position in shares of Bristol-Myers Squibb by 137.5% during the first quarter. Global Wealth Strategies & Associates now owns 475 shares of the biopharmaceutical company's stock worth $29,000 after acquiring an additional 275 shares during the period. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Bristol-Myers Squibb Company Profile

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases. The company's products include Eliquis for reduction in risk of stroke/systemic embolism in non-valvular atrial fibrillation, and for the treatment of DVT/PE; Opdivo for various anti-cancer indications, including bladder, blood, CRC, head and neck, RCC, HCC, lung, melanoma, MPM, stomach and esophageal cancer; Pomalyst/Imnovid for multiple myeloma; Orencia for active rheumatoid arthritis and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.