Deutsche Bank Maintains a 'Hold' on Johnson & Johnson (JNJ); Phase 3 Data for Zytiga Shows Meaningful Results
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Price: $88.46 -0.15%
Rating Summary:
8 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
8 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade JNJ Now!
Deutsche Bank maintains a 'Hold' on Johnson & Johnson (NYSE: JNJ) price target of $69.00.
Analyst, Barbara Ryan, said, "Phase 3 data for Zytiga in the chemo-naïve mCRPC setting showed consistent, solid and meaningful results across all endpoint measures, and no new safety concerns emerged with longer term use. There was some criticism at ASCO that the early study termination (with no statistically significant improvement seen in the co-primary endpoint of overall survival) made the results less impactful, but we continue to expect approval for this indication in 1H'13. JNJ has indicated that about 30% of current Zytiga use is in the chemo-naïve setting. With the availability of the study results, pre-chemo usage will likely accelerate ahead of formal approval, and there could be some upside to our current near term Zytiga sales estimates. Nonetheless, initial approval of MDV3100 should also be forthcoming in this timeframe and we expect it to overtake Zytiga over time. Our 2016 Zytiga sales estimate of $1.6 billion, remains unchanged at this time."
For an analyst ratings summary and ratings history on Johnson & Johnson click here. For more ratings news on Johnson & Johnson click here.
Shares of Johnson & Johnson closed at $61.78 yesterday, with a 52 week range of $59.08-$68.05.
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Analyst, Barbara Ryan, said, "Phase 3 data for Zytiga in the chemo-naïve mCRPC setting showed consistent, solid and meaningful results across all endpoint measures, and no new safety concerns emerged with longer term use. There was some criticism at ASCO that the early study termination (with no statistically significant improvement seen in the co-primary endpoint of overall survival) made the results less impactful, but we continue to expect approval for this indication in 1H'13. JNJ has indicated that about 30% of current Zytiga use is in the chemo-naïve setting. With the availability of the study results, pre-chemo usage will likely accelerate ahead of formal approval, and there could be some upside to our current near term Zytiga sales estimates. Nonetheless, initial approval of MDV3100 should also be forthcoming in this timeframe and we expect it to overtake Zytiga over time. Our 2016 Zytiga sales estimate of $1.6 billion, remains unchanged at this time."
For an analyst ratings summary and ratings history on Johnson & Johnson click here. For more ratings news on Johnson & Johnson click here.
Shares of Johnson & Johnson closed at $61.78 yesterday, with a 52 week range of $59.08-$68.05.
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