market folly

Activist investor Carl Icahn has taken a stake in Bristol-Myers Squibb (BMY) according to The Wall Street Journal.  He apparently sees it as a possible takeover candidate as well.

He's not the only activist involved now, either.  Barry Rosenstein's JANA Partners had been in talks with the company after becoming a shareholder in the fourth quarter of 2016.  As a result, the company added three new board members and also added to its share repurchase program.

Now, apparently Icahn has gotten involved as well.  If his past playbook is any indication, perhaps he pushes the company for a sale?  

You can view the rest of Carl Icahn's portfolio in our just released Hedge Fund Wisdom newsletter.

Per Google Finance, Bristol-Myers Squibb is "engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The Company's pharmaceutical products include chemically synthesized drugs, or small molecules, and products produced from biological processes called biologics. Small molecule drugs are administered orally in the form of a pill or tablet. Biologics are administered to patients through injections or by infusion. It offers products for a range of therapeutic classes, which include virology, including human immunodeficiency virus (HIV) infection; oncology; immunoscience; cardiovascular, and neuroscience. Its late-stage investigational compounds that are in Phase III clinical trials include Beclabuvir, BMS-663068 and Prostvac."