Jim Cramer Discusses Bristol Myers’s (BMY) Cobenfy Drug

We recently published 12 Stocks Jim Cramer Talked About.  Bristol Myers Squibb Company (NYSE:BMY) is one of the stocks that Jim Cramer talked about.

Bristol Myers Squibb Company (NYSE:BMY) is one of the largest pharmaceutical companies in the world. Its shares are up by 7.5% over the past year and by 15.4% year-to-date. Piper Sandler bumped its Bristol Myers Squibb Company (NYSE:BMY) share price target to $66 from $62 and kept an Overweight rating on the shares in late January. The pharma company’s drug portfolio factored into the coverage as it outlined that the stock’s apparent undervaluation appeared to be stemming from the loss of exclusivity for the Eliquis blood thinner medication. Like Piper, Citi also raised Bristol Myers Squibb Company (NYSE:BMY)’s share price target. It bumped the target to $60 from $53 and kept a Neutral rating on the shares. Citi’s coverage came as part of the bank’s broader commentary on the pharmaceutical sector. Cramer commented on Bristol Myers Squibb Company (NYSE:BMY)’s recent announcement of maintaining its dividend. He also mentioned the firm’s schizophrenia drug Cobenfy and valuation:

“Bristol Myers, they put out a release, said we’re not cutting the dividend, I said, I don’t even know they’re thinking about it.

“Now these aren’t really growing, it’s just that they’re consistent.

“Look I bought it for the trust because of Cobenfy which is a mental health drug and they really don’t have much uptick there. But, Bristol, when you sell at eight times earnings, you start getting a little more interest in this market now.”

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