May. 13 at 3:28 PM
Johnson & Johnson
could see its stock rally as several of its newer drugs gain traction in the U.S. market, according to Leerink Partners.
The investment bank upgraded the pharmaceutical name to outperform from market perform. It also raised its price target on shares to
$265 from
$252, suggesting 18% upside from Tuesday’s close.
“Strong new drug momentum will drive accelerating revenue growth and stock outperformance,” analyst David Risinger said Wednesday in a note to clients.
Risinger pointed to four drugs developed by Johnson & Johnson as key drivers of his revenue thesis: Icotyde, Inlexzo, Rybrevant and Tremfya, noting that the treatments showed exceptional efficacy and growing adoption rates.
The pharmaceutical company’s stock is up roughly 10% in the year to date.
$JNJ