Why Bristol-Myers Squibb Company (BMY) Went Down On Friday?

We recently published a list of Friday’s 10 Worst Performing Stocks. In this article, we are going to take a look at where Bristol-Myers Squibb Company (NYSE:BMY) stands against other Friday’s worst performing stocks.

Wall Street’s main indices bounced back on Friday, erasing the entire week’s losses, as investor hopes were fueled by news that no government shutdown is happening.

The tech-heavy Nasdaq jumped the highest on Friday, adding 2.61 percent, followed by the S&P 500 with a 2.13-percent gain, and the Dow Jones with 1.65 percent.

Ten companies, on the other hand, bucked an overall market optimism, posting modest losses during the day.

In this article, we have named the day’s worst performers and detailed the reasons behind their drop.

To come up with the list, we only considered those with $2 billion in market capitalization and $5 million in trading volume.

A pharmacy shelves stocked with pharmaceutical drugs awaiting distribution.

Bristol-Myers Squibb Company (NYSE:BMY)

Bristol-Myers saw its share prices drop by 2.11 percent on Friday to end at $59.01 apiece as investors sold off positions after touching a new 52-week high during the week.

On Monday, March 10, BMY announced that it was acquiring 2seventy bio for $286 million. The transaction involved the purchase of all outstanding shares at a price of $5 apiece, which represented an 88-percent premium from its closing price of $2.66 on March 7.

The news bolstered the company’s stock price to reach a new high of $63.33 on Tuesday.

The transaction is expected to be completed in the second quarter of the year, subject to customary closing conditions, including the tender of a majority of the outstanding shares of 2seventy bio’s common stock and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Overall, BMY ranks 10th on our list of Friday’s worst performing stocks. While we acknowledge the potential of BMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as BMY but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.