5 Best Depressed Stocks To Buy Now

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

Number of Hedge Fund Holders: 66

Bristol-Myers Squibb Company (NYSE:BMY) is one of the best depressed stocks to buy now. Bristol-Myers Squibb Company (NYSE:BMY) recently said that the number of drug candidates it advances in registrational trials is expected to double from six to 12 over the next 18 months.

As of the end of the second quarter of 2023, 66 hedge funds tracked by Insider Monkey had stakes in Bristol-Myers Squibb Company (NYSE:BMY). The biggest stakeholder of Bristol-Myers Squibb Company (NYSE:BMY) during this period was Richard S. Pzena’s Pzena Investment Management which owns a $277 million stake in the company.

RGA Investment Advisors made the following comment about Bristol-Myers Squibb Company (NYSE:BMY) in its Q3 2022 investor letter:

“Bristol-Myers Squibb Company (NYSE:BMY), which we referenced above, boasts a double digit free cash flow yield that gets divided roughly equally between repurchases, a dividend and M&A in what is the best environment for acquisitions perhaps ever. In 2019, BMY acquired Celgene, who had one of the better corporate development programs in the industry. We view this as a great outlet for us as generalists considering a company like BMY should truly thrive with the ability to acquire outstanding assets and science at depressed valuations. We touched on the Turning Point acquisition above and we expect the company to be increasingly active in the M&A landscape. Importantly, Celgene also came to BMY with a phenomenal CAR-T platform. CAR-T is a cell therapy that activates the body’s immune system to target cancers. This will be a key growth vector alongside M&A in overcoming the company’s patent cliff.”

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