- The BMY stock has been experiencing a downtrend since the start of 2023.
- It closed at $58.14, gaining 0.43% in the past 24 hours.
The BMY stock has been following downward momentum since the beginning of 2023, forming higher highs and lows. The year-to-date and three-month returns show opposing results of 18.98% and 9.55%, respectively. The BMY’s yearly performance reflects bearish dominance in the pharma market.
In mid-March, the bullish momentum gained strength and caused an uptrend from the support level of $65.28. The uptrend remained constant for one month and halted at the $70.70 resistance level while attaining a higher high. However, the bullish trend did not sustain and fell back to the downtrend.
The BMY stock recently closed at 58.14, while witnessing a gain of 0.43% in the past intraday session. The price recently touched the trendline, which suggests the price might face a correction phase soon. If that happens, the price might return to the $61 mark.
On the other hand, if the bearish dominance remains constant, the price might melt toward the $55 mark and attain a new annual low. However, the current market capitalization of Bristol Myers Squibb Co is $121.46 Billion and the average volume is $11.22 Million shares.
Bristol Myers Squibb’s revenue witnessed a rise from $26 billion in 2019 to $46 billion in 2022 due to its Celgene acquisition in 2019. Market share gains for some of its drugs, including its anticoagulant – Eliquis – have strengthened the top-line growth.
The company now faces biosimilar competition for its top-selling drug, Revlimid, which saw its sales decline 22% yearly to $10 billion in 2022. BMY expects the drug to gather only $5.5 billion in 2023.
Bristol Myers Squibb Announces Dividend
Bristol Myers Squibb is scheduled to announce its dividend on October 5, 2023. Its board of directors has declared a quarterly dividend of $0.57 per share on the $0.10 par value common BMY stock.
The BMY stock price is hovering below the 20,50, 100, and 200-day EMAs, indicating the vigorous presence of sellers in the market. Moreover, the significant moving average reflects a downtrend momentum in the market.
The RSI is at 35.16, denoting weakness and bearish dominance. The RSI is suggesting that the price might face a correction phase soon. The CMF scores at -0.48, suggesting a rise in sellers’ participation. Hence, the price is in an oversold zone.
Conclusion
Bristol Myers Squibb Co. (BMY) stock market structure has been experiencing a downtrend since the start of 2023. Therefore, the price was downgraded from a high of $75.18 to a low of $57.61. Investors and traders should look for selling opportunities as the technical and analyst ratings suggest the same.
Technical Levels
Major resistance: $71.07 and $75.18
Major support: $59.75 and $57.61
Disclaimer
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