Bristol-Myers Jumps on Billion-Dollar Buzz

Call traders are eyeing BMY after the news

Laura McCandless

Deputy Editor

Dec 22, 2023 at 11:07 AM

BMY
krtx

Bristol-Myers Squibb Co (NYSE:BMY) stock is on the rise today, up 2.8% at $52.71 at last glance, after news that the biopharmaceutical company is acquiring Karuna (KRTX) for $14 billion. The deal, which will strengthen Bristol-Myers' neuroscience portfolio, is expected to close in the first half of 2024. KRTX is soaring after the news, up about 47%.

Since the start of the year, BMY is down around 26%, recently hitting a Nov. 30 two-year low of $48.25, its lowest point since the start of Covid. The stock has been on the rise since then, however, on track for its fourth-straight week of gains.

Call traders are blasting Bristol-Myers stock in response to today's events. So far, 20,000 calls have been exchanged, which is three times the amount typically seen at this point. The weekly 12/29 52-strike call is the most popular contract by far, where options are being sold-to-open.

Follow @Schaeffers

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.