Bristol Myers Squibb (BMY) closed at $67.24 in the latest trading session, marking a -0.4% move from the prior day. This move was narrower than the S&P 500's daily loss of 1.65%. At the same time, the Dow lost 1.63%, and the tech-heavy Nasdaq lost 6.65%.

Prior to today's trading, shares of the biopharmaceutical company had lost 5.21% over the past month. This has lagged the Medical sector's loss of 1.27% and the S&P 500's gain of 0.3% in that time.

Investors will be hoping for strength from Bristol Myers Squibb as it approaches its next earnings release, which is expected to be April 27, 2023. On that day, Bristol Myers Squibb is projected to report earnings of $2.01 per share, which would represent year-over-year growth of 2.55%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $11.64 billion, down 0.1% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $8.06 per share and revenue of $47.01 billion, which would represent changes of +4.68% and +1.84%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Bristol Myers Squibb. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.12% lower. Bristol Myers Squibb is holding a Zacks Rank of #3 (Hold) right now.

In terms of valuation, Bristol Myers Squibb is currently trading at a Forward P/E ratio of 8.37. This represents a discount compared to its industry's average Forward P/E of 18.53.

Also, we should mention that BMY has a PEG ratio of 1.47. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Medical - Biomedical and Genetics was holding an average PEG ratio of 1.77 at yesterday's closing price.

The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 95, putting it in the top 38% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow BMY in the coming trading sessions, be sure to utilize Zacks.com.

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