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Will Brystol-Myers’ Stock Ever Recover?

A devastating result of a drug trial from Brystol-Myers (BMY) sent the stock plunging on August 5. Since then, negative sentiment lingered on the stock. At its current levels, the pharmaceutical manufacturer is hardly a value play. The stock trades at a 33x P/E and a forward P/E of 18.6 times. Investors should ask not only if the market will forgive the company’s miss, but when that will happen.

Brysto-Myers’ Phase 3 trial investigated Opdivo as a therapy for various patients suffering from non-small cell lung cancer. The company...