Jim Cramer on Bristol Myers: "We Need to See That Stock Back Up at $60"

Bristol-Myers Squibb Company (NYSE:BMY) is one of the 17 stocks that Jim Cramer commented on. During the episode, Cramer said that he needs to see Bristol-Myers Squibb Company (NYSE:BMY) stock go back up.

“Bristol Myers, Charitable Trust owns it. So far, we’re not happy with COBENFY. It’s a little disappointing. We need to see that stock back up at 60.”

Bristol-Myers Squibb (NYSE:BMY) develops and markets biopharmaceuticals targeting conditions in oncology, hematology, immunology, cardiovascular, and neuroscience. On May 14, during an episode of Mad Money, Cramer remarked:

“Let’s get started with the stocks that sold off hard today, because I think it’s really important, because you know most, if not all, of these companies. Why don’t we start with Bristol Myers, which we own for the Charitable Trust? Now here’s a drug company with a decent oncology franchise that happens to be facing what’s known as a huge patent cliff, alright… meaning it’s about to have some highly lucrative drugs lose their patent protection, therefore not make them much money at all. We own it in part because of the yield. They’re paying you to wait for new drugs that turn things around. The chief one is COBENFY. It’s a potentially revolutionary drug that treats some tough neurological problems, including schizophrenia. Now we sold some of this stock when it had this ridiculous spike right here… some bizarre rotation into safety, but now Bristol’s in the mid-40s. Now, we haven’t bought back all of the stock that we sold. We’re waiting for it to bottom because its most recent studies using COBENFY, it’s one study, it came up snake eyes. Management has said over and over again that it can pay the dividend, which gives you a 5.6% yield. Why not buy more? Honestly, because I think it can go lower still without evidence that COBENFY is doing better.”

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