5 Stocks Cathie Wood is Selling

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

Number of Hedge Fund Holders: 73

Bristol-Myers Squibb Company (NYSE:BMY) develops and markets biopharmaceutical products. It recently invested $20 million in predictive drug discovery firm Compugen, sending the share of the latter soaring by over 17%. Bristol-Myers Squibb has also announced positive data from a late-stage study of Opdivo, a treatment for patients with lung cancer. The firm has a market cap of over $131 billion. 

There are reports that Bristol-Myers Squibb Company (NYSE:BMY) is looking to invest in the market again as it follows up on a $13 billion deal for MyoKardia last year. The firm is interested in purchases in oncology and cardiovascular medicines.

At the end of the second quarter of 2021, 73 hedge funds in the database of Insider Monkey held stakes worth $4.5 billion in Bristol-Myers Squibb Company (NYSE:BMY), down from 81 in the preceding quarter worth $5.7 billion. 

In its Q4 2020 investor letter, Wedgewood Partners, an asset management firm, highlighted a few stocks and Bristol-Myers Squibb Company (NYSE:BMY) was one of them. Here is what the fund said:

“Bristol-Myers Squibb recently reported accelerating sales as much of the medical services industry returned to work. The Company continues to expect double-digit earnings growth over the next few years, driven by existing drugs, in addition to a broad pipeline of new drugs and indications. While the market remains fixated on a couple of patent expirations that could occur over the next several years, we think this is well-known at this point, yet the market still undervalues a couple of key acquisitions the Company has made in the past few years, particularly Celgene, which was acquired for a song.”