12 Stocks on Jim Cramer’s Radar

9. Bristol-Myers Squibb Company (NYSE:BMY)

Number of Hedge Fund Holdings: 76

Bristol-Myers Squibb Company (NYSE:BMY) is one of the largest pharmaceutical companies in the world. The firm has seen some attention from analysts in December. For instance, Jefferies reiterated a Buy rating and a $68 price target for Bristol-Myers Squibb Company (NYSE:BMY) on December 4th. Jefferies’ coverage came on the same day that Scotiabank bumped the share price target to $53 from $45 and kept a Sector Perform rating. The bank cited Bristol-Myers Squibb Company (NYSE:BMY)’s pipeline as driving its enthusiasm. Additionally, on December 12th, Guggenheim had set a $62 price target and a Buy rating, as per The Fly.

This flurry of analyst coverage comes as Bristol-Myers Squibb Company (NYSE:BMY) moves forward with regulatory oversight. As an example, on December 4th the firm announced that the Food and Drug Administration had granted traditional approval to its Breyanzi drug for certain patients with relapsed or refractory (R/R) marginal zone lymphoma (MZL), or blood cancer. Later, on December 11th, the FDA also granted Priority review to Bristol-Myers Squibb Company (NYSE:BMY)’s Opdivo for the treatment of Hodgkin lymphoma.

Amidst these developments, Cramer discussed the shares in the context of broader drug stocks and valuation multiples as he remarked:

“Well because it doesn’t matter anymore if it’s a drug stock it can go higher. Bristol Myers, there’s nothing new there but you give it a higher multiple, you know that fool’s game. I’m playing.”