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Is It Time to Buy Beaten-Down Bristol-Myers Squibb Stock?

In just the last six months, shares of Bristol-Myers Squibb (BMY) are down 35%. The stock is down nearly 16% just this year. And on Thursday, Bristol-Myers said it would not seek an "accelerated regulatory pathway" for the combination of Opdivo plus Yervoy in first-line lung cancer.

In October 2015, the Opdivo and Yervoy combination regimen was the first immuno-oncology combination to receive regulatory approval for the treatment of metastatic melanoma. It is currently approved in more...