10 Best Wide Moat Stocks to Invest In

7) Bristol-Myers Squibb Company (NYSE:BMY)

Number of Hedge Fund Holders: 70

Bristol-Myers Squibb Company (NYSE:BMY) discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products. As a result of partnerships and acquisitions, the company has built a strong portfolio of drugs and a robust pipeline, forming a base of the wide economic moat. For example, its large acquisition of Celgene provided it with an excellent pipeline and a strong entrenchment in blood cancer. As per Morningstar, Bristol-Myers Squibb Company (NYSE:BMY)’s recent acquisitions i.e., oncology firms Mirati and RayzeBio and neurology firm Karuna, continue to strengthen the company’s strong overall pipeline.

Leerink Partners analyst David Risinger reiterated the bullish stance on the company’s stock, providing a “Buy” rating on January 12. The analyst’s rating is backed by a strong launch performance of Bristol-Myers Squibb Company (NYSE:BMY)’s COBENFY, which continues to demonstrate strong sales momentum since its introduction to schizophrenia treatment. The analyst noted potential long-term benefits of COBENFY as it studies for additional indications like Alzheimer’s disease-related psychosis and several other disorders. Such factors, together with the higher pricing strategy in comparison to competitors, are expected to help Bristol-Myers Squibb Company (NYSE:BMY).

Citigroup increased the price target on shares of Bristol-Myers Squibb Company (NYSE:BMY) from $60.00 to $65.00, giving a “Neutral” rating on 28^th January.