The Healthcare industry is among the largest sectors around the globe with several companies booming in the space. Covid pandemic gave an incredible boost to these organizations. Johnson and Johnson became part of a greater cause during this time. They have persisted for a long time in this sector and have strongly assisted the healthcare providers to this date. Currently, the JNJ stock is increasing in the pre market, trading at $179 at the publication time.
A Better Than Estimated Year
Recently, Johnson and Johnson’s Janssen Pharmaceutical submitted a biologics license application with the FDA for talquetamab, a bispecific antibody to fight myeloma cells. With multiple myeloma a plasma cell group becomes malignant and multiplies.
Johnson and Johnson is currently the biggest healthcare product maker globally. During covid-19, the company made a commitment of $1 Billion with Biomedical Advanced Research and Development (BARDA). J&J is among the couple of US-based firms having AAA credit rating.
The company has revealed better than estimated earnings per share (EPS). The company began the year with $2.67, they reduced their target the next quarter to $2.54 and came up with a positive surprise of $0.05. Similar pattern followed the following quarter and the company revealed $2.55 EPS in Q3 2022.
J&J Stock Price Action
Company shares have shown recovery signs since the decline started in July 2022. JNJ stock traded at the year’s high of $186 in April 2022. It fell to around $168 in June 2022 just to witness a sharp pullback to reach $183 the same month. A bear trend followed the next quarter since then.
J&J stock changed hands at $160 levels in the first half of October 2022. Currently, Johnson and Johnson stock is maintaining a support at around $175 to $176 and a resistance of around $180. The stock rose by 0.73% in the pre market, exchanging hands at $179.1.
Regression trend shows that JNJ stock price entered the buyers zone where it witnessed 4.8 million in trading volume yesterday. Now the question arises where the share price will go by the end of this month. If we take a closer look, the value is nearing the yearly high in December 2022.
Even if the trend follows, it is difficult for the price to reach this year’s previous high. But it can get closer as the year comes to an end. Currently, analysts at TradingView hold a buy rating for JNJ stock, but the forecast says that it may go down by around 10% in a year. On the positive side, they hold a positive price target at $185 the next year.
Source: https://www.thecoinrepublic.com/2022/12/13/jnj-stock-price-analysis-can-the-share-price-reach-yearly-high-before-2022/