Buy Bristol Myers Call Option on Oversize Dip
I am recommending the purchase of the Bristol Myers March 17, 2017 Call Option with a $50 strike price (BMY_170317C005000). Aggressive investors should also use this opportunity to add to shares of the company or to enter a long position.
Shares of Bristol Myers (NYSE: BMY) fell this morning on news that the company would not be pursuing fast track approval of its cancer benchmark Opdiva for advanced lung cancer “based on current data.” The market interpreted this to mean that ongoing studies are not delivering expected results. This looks like a buying opportunity for longer term investors given BMY’s ongoing restructuring schedule and a history of beating earnings expectations. The company is due to report its most recent quarter’s earnings and to provide guidance on January 26th. I’ll have more in this Monday’s issue of BTP Weekly.
I have an options position in BMY