Is Bristol Myers Squibb Stock a Buy Now?
Bristol Myers Squibb (NYSE: BMY) has historically been a growth machine, always on the hunt for acquisitions and ways to get bigger and better. But acquisitions have also been a bit of a necessity since it faces some concerning patent cliffs in the future that could result in a significant drop in sales. That's one of the key reasons the stock trades at a big discount now.
The company recently announced yet another acquisition. Does this latest deal alleviate some of the risks related to Bristol Myers stock, and is it a good investment to add to your portfolio today?
On Oct. 8, Bristol Myers announced plans to acquire Mirati Therapeutics. Under the merger agreement, it will cost up to $5.8 billion ($1 billion is contingent on the approval of a new drug application for MRTX1719, which could be several years away). Mirati is an oncology company that Bristol Myers says is a "strong fit" for its portfolio that can help diversify and expand its line of drugs.
Source Fool.com
Mirati Therapeutics Inc. Stock
The sentiment is rather negative at the moment with 10 Sell predictions and 2 Buy predictions.
On the other hand, the target price of 78 € is above the current price of 53.84 € for Mirati Therapeutics Inc., so the potential is actually 44.87%.
