JNJ Stock Dips On Report Its Coronavirus Vaccine Is 2 Months Behind Schedule

Johnson & Johnson (JNJ) said Wednesday that it’s premature to discuss the details of its coronavirus vaccine supply after JNJ stock slipped on a report its vaccine is two months behind schedule.




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According to the New York Times, J&J planned to have 12 million doses ready by the end of February. But it has yet to produce Phase 3 test results, and holds no emergency authorization to distribute the vaccine. According to Reuters, J&J is expected to have those test results by the end of January or first week of February. This could help it roll out the vaccine in March.

“The pandemic shows no signs of slowing, and we, like everyone, are eager for more tools to help stop it,” J&J said in a statement emailed to Investor’s Business Daily. “At the same time, it is premature to get into the specifics of the supply of our vaccine candidate, as we do not yet have Phase 3 data, nor have we filed for or been granted Emergency Use Authorization.”

On the stock market today, JNJ stock dipped 0.2% to 157.89.

JNJ Stock Dips On Supply Report

Johnson & Johnson agreed last August to supply the U.S. government with 100 million doses of its coronavirus vaccine for $1 billion. At the time, the company offered no production timeline. But the report suggested J&J agreed to supply 12 million doses by the end of February.

Shares of JNJ stock gained nearly 8% over the course of 2020 on enthusiasm for its vaccine.

Now, Johnson & Johnson reportedly expects to catch up by the end of April. Then, it plans to deliver north of 60 million doses.

The J&J coronavirus vaccine remains highly anticipated because it requires just one shot. It also sidesteps the same stringent cold-storage needs of drugs from Pfizer (PFE) with BioNTech (BNTX) and Moderna (MRNA). Its authorization would be a boon for JNJ stock.

Coronavirus Vaccine In Progress

Johnson & Johnson says it’s in discussions with regulators over authorization and validation of its manufacturing process.

“We have begun production of our vaccine candidate and are confident in our ability to meet our 2021 supply commitments signed with governments,” the company said in its statement. “We expect to share more detail after some of these steps are achieved.”

Shares of JNJ stock are currently in a buy zone after topping a buy point at 155.57 out of a flat base, according to MarketSmith.com.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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Source: https://www.investors.com/news/technology/jnj-stock-dips-report-coronavirus-vaccine-2-months-behind-schedule/?src=A00220&yptr=yahoo