Bristol-Myers Squibb Company (BMY) Impacted by Delay in New Product Launches
Ariel Investments, an investment management company, released its “Ariel Global Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the Ariel Global fund returned +8.40% gross of fees (+8.18% net of fees), compared to the MSCI ACWI Index’s +11.03%, and the MSCI ACWI Value Index’s +9.17% gains. The fund appreciated +13.96% gross of fees (+13.06% net of fees) over the trailing year, underperforming the MSCI ACWI Index’s +22.20% return and ahead of the MSCI ACWI Value Index’s +11.81% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Global Fund featured stocks like Bristol-Myers Squibb Company (NYSE:BMY) in the fourth quarter 2023 investor letter. Headquartered in Princeton, New York, Bristol-Myers Squibb Company (NYSE:BMY) manufactures, distributes and sells biopharmaceutical products. On March 22, 2024, Bristol-Myers Squibb Company (NYSE:BMY) stock closed at $51.93 per share. One-month return of Bristol-Myers Squibb Company (NYSE:BMY) was 2.79%, and its shares lost 23.71% of their value over the last 52 weeks. Bristol-Myers Squibb Company (NYSE:BMY) has a market capitalization of $105.012 billion.
Ariel Global Fund stated the following regarding Bristol-Myers Squibb Company (NYSE:BMY) in its fourth quarter 2023 investor letter:
"Biopharmaceutical company, Bristol-Myers Squibb Company (NYSE:BMY), also underperformed in the quarter on mixed earnings results and a reduction in guidance due to a delay across several new product launches. Although the company’s mid- to long-term targets remain intact, management expects a transition period before the company returns to top-tier growth. In our view, many of the new drugs represent either the first-in-class (the first molecule approved by the FDA) or best efficacy opportunities and believe the new product portfolio should outperform expectations over time. Meanwhile, management remains bullish on its maturing pipeline and reaffirmed it will continue to seek business development through bolt-on acquisitions and licensing deals."
A pharmacy shelves stocked with pharmaceutical drugs awaiting distribution.
Bristol-Myers Squibb Company (NYSE:BMY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Bristol-Myers Squibb Company (NYSE:BMY) was held by 60 hedge fund portfolios, compared to 65 in the previous quarter, according to our database.
We discussed Bristol-Myers Squibb Company (NYSE:BMY) in another article and shared the list of 52-week low dividend stocks to consider. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
