The stock of Bristol-Myers Squibb Company (NYSE:BMY) is now priced at $62.19 and the shares are -0.03 points down or -0.05% lower compared to its previous closing price of $62.22. The stock had 8.014 million contracts set over the past session. BMY shares’ daily volume is compared to its average trading volume at 12.747 million shares. However, it has a float of 2250 million and although its performance was -1.54% over the week, it’s one to watch. Analysts have given the BMY stock a yearly average price target of $73.25 per share. It means the stock’s upside potential is 17.78% with the BMY share price recently placing at $61.74 to $62.35. However, some brokerage firms have priced the stock below the average, including one that has called $64.
The shorts are running away from the Bristol-Myers Squibb Company stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BMY shares have declined. Short interest in the stock represents just 0.92% of its float, but the volume has dropped by 0.
In the last trading session, Bristol-Myers Squibb Company (NYSE:BMY) dropped by -$0.97 over the week and gained $4.34 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $68.34. The stock recorded its established 52-week high on 01/22/20.
Since 03/23/20, the stock has traded to a low of $45.76 at 35.9%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.68. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Bristol-Myers Squibb Company’s two-week RSI is 58. This suggests that the stock is neutral at the moment and that BMY shares’ price movement remains stable. The stochastic readings are equally revealing at 69.97% meaning the BMY share price is currently in neutral territory.
The technical chart shows that the BMY stock will likely settle at between $62.45 and $62.7 per share. However, if the stock dips below $61.84, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $61.48.
Currently, the stock is trading in the red of MACD, with a reading of -0.54. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned BMY a rating of Outperform in their intiating review released on July 28. Morgan Stanley analysts upgraded their recommendation of the stock from Equal-Weight to Overweight while keeping its target price at $64 in a flash note released to investors on April 02. Societe Generale seeing the stock struggling downgraded it from Buy to Hold on March 23 placing it at $50.
The average rating for the BMY equity is 1.94 and is currently gathering a bullish momentum. Of 17 analysts tracking Bristol-Myers Squibb Company polled by Reuters, 5 rated BMY as a hold. The remaining 12 analysts were split evenly. However, the split wasn’t equal as a majority (12) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the BMY stock price is 8.4X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 22.5. Bristol-Myers Squibb Company has its P/E ratio at 2.9, which means that the stock is currently trading at a discount relative to the 5.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Bristol-Myers Squibb Company (NYSE:BMY) will increase by about 1.79%, which will see them reach $10300 million. The company’s full-year revenues are, however, expected to increase by about 60.33%, up from $26100 million to $41900 million. BMY’s expected adjusted earnings should surge almost 27.35% to end up at $1.49 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 33.69% to record $6.27/share.