Morgan Stanley analyst Terence Flynn maintained a Hold rating on Johnson & Johnson yesterday and set a price target of $190.00.
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Terence Flynn’s rating is based on a combination of factors related to Johnson & Johnson’s recent clinical trial results and market positioning. The MajesTEC-3 trial demonstrated significant efficacy for Tecvayli combined with Darzalex in improving progression-free survival and overall response rates in the treatment of relapsed or refractory multiple myeloma. Despite these promising results, the trial also highlighted some safety concerns, particularly with infection rates, which could impact broader adoption.
Additionally, while Tecvayli shows potential for earlier line therapy, Darzalex is already well-established in these settings, which may limit immediate market expansion. The competitive landscape, including comparisons to other treatments like Carvykti, also plays a role in the Hold rating. Overall, while the data is promising, the combination of safety concerns and competitive pressures suggests a cautious approach, justifying the Hold rating.
In another report released on December 3, Bank of America Securities also maintained a Hold rating on the stock with a $204.00 price target.
JNJ’s price has also changed moderately for the past six months – from $155.230 to $199.960, which is a 28.82% increase.