Trader Tim Seymor said it's not the time to speculate on the sale. He said the problems with the company are already known and probably priced into the stock. Bristol-Myers shares closed at $50 on Monday, down 35 percent from their 52-week intraday high of $77.12.
Trader Guy Adami said possible suitors to take over the company, such as Johnson & Johnson, Sanofi and Pfizer are not looking to spend the large amount of money it would take for a merger. He said the challenging enviorment for the biotech and pharmaceitcal industry makes it an unfavorable investment.
The stock is down 22 percent in the past 12 months.
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
Tim Seymour is long ABX, APC, AVP, BAC, BBRY,C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC,LQD,MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, SQ,T, TWTR, VALE, VZ, XOM. Short: EEM, SPY, XRT;
Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE,PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO. Short: EWG,HYG, IWM