Goldman Sachs Suggests Buying Puts on Bristol-Myers Squibb

Goldman Sachs is out with a research report this morning, where is suggests that traders buy puts on Bristol-Myers Squibb BMY to hedge their long exposure to the name. Goldman Sachs Pharma analyst, Jami Rubin, recently downgraded BMY to Neutral and sees upcoming ARISTOTLE results to be stock moving for BMY. The analysts note that options are not pricing in as strong of a move, nor the downside risks, that the analyst expects, as 1-month BMY skew is in its lowest quartile over a 1 year basis, and just inline with the healthcare sector average. Goldman recommends buying the July $28 put for $0.96. Bristol-Myers Squibb Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of pharmaceutical products on a global basis. The company's products are sold worldwide, primarily to wholesalers, retail pharmacies, hospitals, government entities and the medical profession.