Jim Cramer Says "I Think I Might Be Wrong in Bristol"

Bristol-Myers Squibb Company (NYSE:BMY) is one of the stocks Jim Cramer shared his take on. During the episode, a caller asked if they should add to their position in the stock, and Cramer commented:

“Well… I have said, and I’ve been abject about it, that I think I might be wrong in Bristol. That’s why I’ve not added to it. J&J is doing a better job than Bristol, and it’s rankling me. Let’s listen to J&J. We’re not afraid to take a loss if we have to, but we’re not giving up yet.”

Bristol-Myers Squibb Company (NYSE:BMY) develops and markets biopharmaceuticals across oncology, hematology, immunology, cardiovascular, and neuroscience. The company’s portfolio includes leading therapies such as Eliquis, Opdivo, Orencia, Revlimid, and Yervoy, among others. During an August episode, a caller noted that the stock has been going down and Cramer responded:

“Yes, it does. And let me tell you how I feel about this: I made a mistake here. I bought the stock, I bought it because they have a drug called COBENFY, which I think is going to be really good for severely mentally ill people. It has not worked. The president is very much, because he’s against these drug companies, it’s not been able to stabilize. I’m trying to figure out an action plan for my Charitable Trust. Have not been recommending the stock. I need an action plan. I don’t have it yet. You and I are in the same boat on this one.”

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Disclosure: None. This article is originally published at Insider Monkey.