UBS Reiterates Buy on Johnson & Johnson (JNJ) as FDA Approves Darzalex
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
UBS reiterated a Buy rating and $144.00 price target on Johnson & Johnson (NYSE: JNJ) following the FDA's approval of Darzalex for combination therapies.
Analyst Matt Miksic commented, "We expect JNJ to commercialize Darzalex for the new indication shortly, representing potential upside of $50-100 mil to our 2016 and 2017 Darzalex estimates of ~$500 mil and $1.3 bil, respectively. We estimate the relapsed / refractory multiple myeloma indication will generate revenues of $1.4 bil in 2021, and that revenues for the entire Darzalex franchise will reach ~$3.7 bil in 2021. In terms of background, multiple myeloma (MM) is a large therapeutic market of over $10 bil, and major drugs used for MM include Revlimid, Velcade, Thalomide, Pomalidomide, and Carfilzomid. Darzalex has performed favorably in this indication relative to other molecules, and is one of the key elements of JNJ's pipeline differentiating our estimates and investment thesis from the Street. We reiterate our Buy rating and $144 target on JNJ, and we are Buyers with greater conviction given today's early approval."
Shares of Johnson & Johnson closed at $115.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Ethicon Announces Acquisition of Megadyne Medical Products (JNJ)
- Union Pacific (UNP) PT Raised to $120 at Aegis Capital Following Solid 4Q
- Instinet (Nomura) Downgrades Silicon Motion Technology (SIMO) to Neutral
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!