BRISTOL-MYERS SQUIBB FALLS BELOW MA5 DESPITE RATING UPGRADE
Bristol-Myers Squibb’s stock is currently trading at 45.83-lower by 1.48% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.09%. The stock has continued falling after the opening bell.
Atlantic Equities upgraded its rating on stocks of the drugmaker to overweight from neutral on Wednesday. Atlantic Equities said the current level of Bristol-Myers Squibb’s stock represents a highly compelling value opportunity.
Strong cash-flow generation and increased clarity on the Celgene acquisition process are among other reasons for a rating upgrade, the firm said. Atlantic Equities also hiked its price target for the stocks of drugmaker to $63 from $51. Stocks of Bristol-Myers have fallen about 25% over the past 12-months.
On the technical front, the current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 51.34% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 45.90 TAKE PROFIT AT 45.50 STOP LOSS AT 46.10