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Bristol-Myers Squibb Company (BMY - Free Report) experienced slight growth after Carl Icahn, billionaire activist-investor, reportedly wants to take stake in the company.
Bristol-Myers, a global leader in biopharmaceutical, hasn’t been able to convince shareholders that its product can compete against rivals like Merck & Co (MRK - Free Report) . A product that the company pioneered is cancer immunotherapy, which aims to fight the diseases using the body’s immune system.
The company took a hit in January when they announced that their lung-cancer treatment wouldn’t get approval as fast as hoped. Investors feared the delay would put Bristol-Myers behind its competitors.
On Tuesday, the company announced that it would add three directors to its board, making it a total of 14 seats, and buy back $2 billion in stock in a pact with another activist, Jana Partners LLC. Current Chairman Lamberto Andreotti will also retire, as it was announced back in December.
The Wall Street Journal reported that Icahn, who has a successful history in pushing for deals among pharmaceutical companies, owns a large stake and believe the company has a good potential to become an “attractive takeover.”
Bristol-Myers is a Zacks Rank #3 (Hold). The company’s stock rose slightly right after Icahn’s interest was reported at 4 p.m. in New York.
Zacks' Top 10 Stocks for 2017
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Can Carl Icahn Save Bristol Myers Squibb?
Bristol-Myers Squibb Company (BMY - Free Report) experienced slight growth after Carl Icahn, billionaire activist-investor, reportedly wants to take stake in the company.
Bristol-Myers, a global leader in biopharmaceutical, hasn’t been able to convince shareholders that its product can compete against rivals like Merck & Co (MRK - Free Report) . A product that the company pioneered is cancer immunotherapy, which aims to fight the diseases using the body’s immune system.
The company took a hit in January when they announced that their lung-cancer treatment wouldn’t get approval as fast as hoped. Investors feared the delay would put Bristol-Myers behind its competitors.
On Tuesday, the company announced that it would add three directors to its board, making it a total of 14 seats, and buy back $2 billion in stock in a pact with another activist, Jana Partners LLC. Current Chairman Lamberto Andreotti will also retire, as it was announced back in December.
The Wall Street Journal reported that Icahn, who has a successful history in pushing for deals among pharmaceutical companies, owns a large stake and believe the company has a good potential to become an “attractive takeover.”
Bristol-Myers is a Zacks Rank #3 (Hold). The company’s stock rose slightly right after Icahn’s interest was reported at 4 p.m. in New York.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>