Bristol-Myers Squibb Company (BMY) engages in the discovery, development, licensing, manufacture, marketing, distribution, and sale of pharmaceuticals and other health care related products worldwide. The company, formerly known as Bristol-Myers Company, was founded in 1887 and is headquartered in New York, New York.

Last year, the Bristol-Myers Squibb Patient Assistance Foundation and company-sponsored programs under the Life Lines of Care initiative assisted more than 290,000 indigent patients in the U.S. in filling prescriptions with pharmaceuticals valued at more than $236 million at wholesale prices.

Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to extend and enhance human life. The company and its employees discover, develop and provide innovative medicines that address significant medical needs of patients worldwide.

The company has strong fundamentals with great sales growth and attractive return on equity. Revenues continue to be strong with an encouraging forecast for a very profitable 2009. Bristol recently announced a global collaboration with ZymoGenetics for PEG-Interferon lambda, a novel type 3 interferon currently in Phase Ib development for the treatment of Hepatitis C, and its related development program. Outside the United States, Bristol-Myers Squibb will be responsible for commercialization and ZymoGenetics will receive royalties on product sales.

The underlying equity is showing a potential Elliot Wave-4 buy projecting gains into the $26.50 per share area by the end of February. Bristol Myers has a very liquid options market. The options currently extend through January of 2011, allowing the options trader enough time to take advantage of the forecasted opportunity.

 

Figure 1: Daily Elliott Wave-4 Buy Pattern for Bristol Myers

(Source: Profit Source)
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Happy Trading.

Jeff Neal 
Senior Writer, Options Strategist & Profit Strategies Radio Show Market Correspondent
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