James Morrow’s Callodine Capital Portfolio: Top 5 Picks

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

Callodine Capital’s Stake Value: $18,543,000

Percentage of Morrow’s 13F Portfolio: 6.99%

Number of Hedge Fund Holders: 73

During the second quarter of 2021, Callodine Capital increased its stake in the pharmaceutical multinational Bristol-Myers Squibb Company (NYSE: BMY) by 15,000 shares (5%) to 277,500 shares, worth $18.54 million. The stock has been part of Callodine Capital’s portfolio since Q2 2019, which makes it the second oldest stock in the top ten holdings.

73 hedge funds out of the 873 tracked by Insider Monkey were long on Bristol-Myers Squibb Company (NYSE: BMY) at the end of the second quarter of 2021, compared to 81 in the previous quarter. The total stake, however, increased by $165 million.

Bristol-Myers Squibb Company (NYSE: BMY) released initial results from the Phase 3 open-label extension trial for Zeposia for the treatment of multiple sclerosis (MS). The study revealed the long-term safety and effectiveness of the drug in patients facing relapsing forms of MS. Zeposia was approved by the FDA in March 2020 for various types of MS.

Bristol-Myers Squibb Company (NYSE: BMY) stock received an Equal Weight rating at Morgan Stanley. The price target was also lowered from $71 to $66 as analyst Matthew Harrison saw a “mixed long-term outlook” for the company’s recent drug trials.