Bristol Myers Squibb (BMY)

Nov 16, 2021Trade Ideas

One of the most oversold pharmaceutical stocks is Bristol Myers Squibb (BMY).

After pulling back from $67.50 to $56.35, the stock caught strong support, and is just beginning to pivot higher. From here, we’d like to see a potential bearish gap refill around $67.50 again.

Long-term, there’s plenty to like about pharmaceutical stocks, like BMY.

For one, we have an aging population demanding better treatments to live longer lives. Two, there’s incredible new innovation in the industry, creating new life enhancing opportunities. Three, companies like BMY are recession-proof.

And four, by 2025 the biotech and pharmaceutical market could be worth nearly $720 billion, according to Global Market Insights. “An increasing number of chronic diseases including cancer, heart disease, stroke, asthma, chronic respiratory diseases and hypertension among others will positively influence the biotechnology market growth.”

Weakness in BMY may only be temporary.

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