BRM trade ideas
$BMY beats but needs a pullback for entry. Bristol-Myers Squibb (NYSE:BMY) Q3 results:
Revenues: $6,007M (+5.6%); product sales: $5,768M (+6.2%).
Key product sales: Eliquis: $1,928M (+22.3%); Opdivo: $1,817M (+1.3%); Orencia: $767M (+13.6%); Sprycel: $558M (+13.6%); Yervoy: $353M (-7.6%).
Net income: $1,366M (-28.6%); EPS: $0.83 (-28.4%); non-GAAP EPS: $1.17 (+7.3%).
2019 guidance: EPS: $3.46 - 3.56 from $3.73 - 3.83; non-GAAP EPS: $4.25 - 4.35 from $4.20 - 4.30.
Source seeking Alpha
Possible entry level $54-$57 with $63 as target and strong resistance.
P/E ratio 14.94 - undervalued.
Short interest high at 9.16%.
Company profile
Bristol-Myers Squibb Co. engages in the discovery, development, licensing, manufacture, marketing, distribution, and sale of biopharmaceutical products. It includes chemically-synthesized drugs or small molecules and products produced from biological processes called biologics. The company was founded in August 1933 and is headquartered in New York, NY.
Nice Long For Earnings""For Bristol-Myers, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.38%.
On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination indicates that Bristol-Myers will most likely beat the consensus EPS estimate.....For the last reported quarter, it was expected that Bristol-Myers would post earnings of $1.06 per share when it actually produced earnings of $1.18, delivering a surprise of +11.32%.Over the last four quarters, the company has beaten consensus EPS estimates four times." (Zacks)
Inverted Hammer Show Top for BMY?BMY gap-up today opening near $60 level, but closed at $54.23 creating somewhat an inverted hammer candle. Need to be cautious here. Stochastic still on the overbought territory. Watch the Stochastic closely for any sign dipping below 80 level. A closed below or near $53 we may consider to go square.
$BMY Bullish break imminent in Bristol-MyersTrading at a very low 13.77 P/E ratio.
Short interest is quiet high at 9.15%, which could ignite a rally.
Bristol-Myers Squibb resumed with Buy rating and $60 (16% upside) price target at BofAML.
Company profile
Bristol-Myers Squibb Co. engages in the discovery, development, licensing, manufacture, marketing, distribution, and sale of biopharmaceutical products. It includes chemically-synthesized drugs or small molecules and products produced from biological processes called biologics. The company was founded in August 1933 and is headquartered in New York, NY.
BMY has broken out of long term patternPrice action was contained inside the dome shape and has only recently broken out.
Bristol Myers good performingI found a strong sector because there are strongly proves the pharmaceuticals helps to improve the quality of life and increases life expectancy
BMY offers short term gains.We are of the opinion that the recent resistance level @ $54 looks on the near term horizon, momentum has been strong, but volume is on the decline.
Bristol-Myers Squibb Co. engages in the discovery, development, licensing, manufacture, marketing, distribution, and sale of biopharmaceutical products. It includes chemically-synthesized drugs or small molecules and products produced from biological processes called biologics. The company was founded in August 1933 and is headquartered in New York, NY.
Rising Channel in BMYI identified rising channel developing in BMY, it seems that I might enter it too late. However, the momentum in the market for Healthcare is strong. I bought a call vertical for the trade
Entry:
[Idea Long] BMY and CELGNice wedge pattern on this. Although it's been in a downtrend, it weathered the past week's volatility quite well, so my guess is sellers are exhausted here in the short-medium term.
This is a $75B global pharmaceutical company, makes a bunch of important drugs, that is trading at 12 P/E and pays 3.5% dividend.
They are acquiring Celgene (CELG), a similar company that trades at 13 P/E. At the deal's closing, holders of CELG stock will receive 1 BMY stock plus $50. An attractive way to play this would be to buy CELG stock, and get assigned BMY plus $50. That adds a bonus $2 per share on the deal's closing.
I had my eye on this but missed the chance to buy the dip. The chart of CELG has a nice looking gap fill:
This could be prove to be a long term entry area.
BMY Hidden Bearish DivergenceStill within descending triangle pattern and showing Hidden Bearish Divergence
BMY moved slightly above long-term trendline going into earningsBMY is slightly above its long-term trend line. It doesn't appear to have breakout volume right now, but the move implies investor optimism about tomorrow's earnings. Zacks has given BMY a positive earnings surprise prediction.
BMY still BearishBearish
-Descending Triangle
-bearish divergence
Bullish
-At historic support level
-30th September expiration date of the offers to exchange (Celgene) could see a trend reversal
BMY Huge OI for September Calls @ $50 and $48Bristol Myers Sept.Calls bought by the thousands. So, why not?
BMY Is starting a bull moveHey everyone,
Another biomed related post today by request.
BMY has double-bottomed as bulls grab a little control today on price.
The stock has respected the BBands and is looking to move to the neutral region.
The RSI teased in the oversold area, and price has responded with one of the two strong bull movements in the past four weeks as far as price movement goes.
Price will struggle to break the $48.31 resistance that the massive bull volume failed to break on the 29th.
We want to look for increasing bull volume as price recovers after hitting a low.
If bull volume recovers with the next successive days, look at the $48.31 target for the first movement, with the $54 mark if price breaks through for the second movement.
If bear volume trends or increasing in the next few days below the 45.15 support, the stock could break lower forming new lows for the year.
Keep a tight stop loss in the meantime at the lower $45.15 support and long for the 48.31 and eventually the 54.44 if price starts to trend up with volume or if it ventures beyond the restraints of the BBands.
-Block
