Buy on the dip. Most investors have heard the old saying. However, it's only good advice when a stock is likely to rebound strongly.

Three Motley Fool contributors think they've identified stocks that are great candidates to buy on the dip right now. Here's why they picked Bristol Myers Squibb (NYSE: BMY), (NYSE: PFE), and Teva Pharmaceutical Industries (NYSE: TEVA).

Prosper Junior Bakiny (Bristol Myers Squibb): Every once in a while, even the most prominent biopharmaceutical companies go through a period during which they have to deal with the loss of patent exclusivity for some key products. The result is often slower or non-existent revenue growth and poor stock market performances. That's what's happening to Bristol Myers Squibb. Last year, its blockbuster cancer medicine Revlimid started facing generic competition.

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Source Fool.com