5 Best Low Risk Stocks to Buy in 2023

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

Number of Hedge Fund Holders: 66

Beta Value: 0.37

Based in New Jersey, Bristol-Myers Squibb Company (NYSE:BMY) is a biotechnology company focused on the discovery, development, and delivery of innovative medicines for serious diseases across oncology, hematology, immunology, cardiovascular disease, and fibrosis.

On October 8, Bristol-Myers Squibb Company (NYSE:BMY) announced that it had entered into a definitive merger agreement to acquire Mirati Therapeutics, Inc. (NASDAQ:MRTX), in an all-cash transaction which values the target company at $4.8 billion. The acquisition is expected to strengthen and diversify the oncology portfolio of the company.

After a quarterly performance report released on October 26 which showed an in-line topline and an adjusted EPS of $2.00 which beat consensus by $0.23, Goldman Sachs analyst Chris Shibutani lowered the price target on Bristol-Myers Squibb Company (NYSE:BMY) shares to $69 from $81s, while maintaining a ‘Buy’ rating for the shares.