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Johnson & Johnson to Acquire Firefly Bio in $1 Billion Deal
US Markets

Johnson & Johnson to Acquire Firefly Bio in $1 Billion Deal

Johnson & Johnson (JNJ) said Monday that it has agreed to acquire cancer drug developer Firefly Bio for $1 billion in cash to strengthen its oncology portfolio.The acquisition will give the company access to Firefly Bio's proprietary Firelink degrader antibody conjugate platform, which is focused on cancers driven by Kirsten rat sarcoma viral oncogene homolog, or KRAS, mutations.The platform is designed to overcome limitations of current treatment limitations by delivering a highly selective protein degrader to tumor cells and avoiding healthy cells, according to Johnson & Johnson."KRAS has notoriously been considered an undruggable target and patients with KRAS-driven cancers continue to face limited treatment options with survival measured in months, not years," said John Reed, executive vice president for innovative medicine and research and development at J&J."We believe the proprietary Firelink platform will overcome the limitations of current treatments and diversify our pipeline with preclinical candidates for treating multiple types of solid tumors," Reed said.The acquisition of Firefly Bio is the latest move by Johnson & Johnson to expand its oncology pipeline and advance its aim to develop targeted medicines for the most prevalent and hard-to-treat solid cancer tumors.In December, Johnson & Johnson acquired Halda Therapeutics for $3.05 billion to expand its portfolio of therapies for solid tumors, including prostate cancer, while in March 2024 it acquired Ambrx Biopharma, whose portfolio comprised of products targeting multiple types of cancers, for $2 billion.The deal for Firefly Bio is expected to close later this year, subject to regulatory approvals.Shares of Johnson & Johnson, up about 12% so far this year, were off by about 0.2% in Monday trading.Price: $231.91, Change: $-0.86, Percent Change: -0.37%

$JNJ
Wire

Johnson & Johnson Says Lung Cancer Study on Rybrevant Plus Lazcluze Suggests Potential for More Durable Disease Control

Johnson & Johnson (JNJ) said Friday that updated Phase 1/1b CHRYSALIS-2 data showed Rybrevant plus Lazcluze achieved a median overall survival of 41 months in patients with advanced non-small cell lung cancer with atypical epidermal growth factor receptor mutations.The company said the results add to the evidence showing potential of this combination to deliver durable survival outcomes in both common and atypical EGFR-mutated advanced NSCLC in the first-line setting.The company said the combination previously demonstrated a 57% objective response rate and showed consistent clinical activity across atypical EGFR mutation subgroups.Price: $224.71, Change: $-6.09, Percent Change: -2.64%

$JNJ
Wire

Top Midday Stories: NextEra, Dominion to Combine in All-Stock Deal; Big Pharma Firms Denied Certiorari by Supreme Court in Medicare Pricing Case

The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 Index were down in late-morning trading Monday, as Wall Street monitored oil prices and US Treasury yields amid the ongoing conflict in the Middle East.In company news, NextEra Energy (NEE) and Dominion Energy (D) said Monday they have entered into a definitive agreement to combine in an all-stock deal. Under the terms of the transaction, Dominion shareholders will receive a fixed exchange ratio of 0.8138 shares of NextEra for each Dominion share they own at the close of the deal, which is expected in the next 12 to 18 months. NextEra shareholders will own about 74.5% of the combined company, while Dominion shareholders will own the remaining 25.5%. NextEra shares were down 5.5% around midday, while Dominion shares were up 9.6%.The US Supreme Court on Monday denied writ of certiorari petitions by six big pharmaceutical companies seeking to challenge the legality of the Medicare Drug Price Negotiation Program under the Inflation Reduction Act of 2022. AstraZeneca (AZN), Novartis (NVS), Novo Nordisk (NVO), Johnson & Johnson's (JNJ) Janssen Pharmaceuticals, Bristol-Myers Squibb (BMY) and Boehringer Ingelheim Pharmaceuticals all had their petitions denied by the Supreme Court. Shares of AstraZeneca, Novartis, Johnson & Johnson and Bristol-Myers were up 1.1%, 0.8%, 0.4% and 0.5%, respectively, while Novo Nordisk was down 1%.Berkshire Hathaway (BRK.A, BRK.B) disclosed Friday in a regulatory filing that it sold all of its stake in UnitedHealth Group (UNH). Separately, a New York state court judge on Monday prohibited prosecutors from using some evidence found in the backpack of Luigi Mangione, who is standing trial for the murder of UnitedHealth Group's UnitedHealthcare CEO Brian Thompson, CNBC reported. UnitedHealth shares were down 1.5%, while Berkshire's class A and class B shares were up 0.2% and 0.1%, respectively.Citigroup (C) and BlackRock's (BLK) HPS Investment Partners are launching a 15 billion euro ($17.48 billion) private capital program to expand access to private financing for corporate and sponsor-owned borrowers in the Europe, the Middle East and Africa region, the companies said Monday. Citigroup shares were down 0.2%, while BlackRock shares were up 0.5%.Price: $88.24, Change: $-5.13, Percent Change: -5.49%

$AZN$BLK$BMY$BRK.A$BRK.B$C$D$JNJ$NEE$NVO$NVS$UNH
Wire

Big Pharma Firms Denied Certiorari by Supreme Court in Medicare Pricing Case

The US Supreme Court on Monday denied petitions for writs of certiorari filed by six big pharmaceutical companies seeking to challenge the legality of the so-called 'Drug Price Negotiation Program' under the Inflation Reduction Act of 2022.AstraZeneca (AZN), Novartis (NVS), Novo Nordisk (NVO), Johnson & Johnson's (JNJ) Janssen Pharmaceuticals, Bristol Myers Squibb (BMY) and Boehringer Ingelheim Pharmaceuticals all had their petitions denied by the Supreme Court.The companies did not immediately respond to requests for comment from.Price: $183.25, Change: $+1.67, Percent Change: +0.92%

$AZN$BMY$JNJ$NVO$NVS
Wire

Big Pharma Firms Denied Certiorari by Supreme Court in Medicare Pricing Case

Big Pharma Firms Denied Certiorari by Supreme Court in Medicare Pricing Case

$AZN$BMY$JNJ$NVO$NVS
Research

Leerink Partners Upgrades Johnson & Johnson to Outperform From Market Perform, Adjusts PT to $265 From $252

Johnson & Johnson (JNJ) has an average rating of overweight and mean price target of $261, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$JNJ
Wire

Johnson & Johnson Launches Shockwave C2 Aero Coronary IVL Catheter

Johnson & Johnson (JNJ) said Tuesday it has launched its Shockwave C2 Aero Coronary IVL Catheter, expanding its intravascular lithotripsy portfolio for the treatment of calcified coronary artery disease.The next-generation catheter is designed to enhance deliverability, lesion crossing, and balloon repositioning, the company said.Shockwave C2 Aero is now available in the US and Japan and will be available in Europe and Canada in the coming months, it said.Price: $223.37, Change: $+1.94, Percent Change: +0.87%

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Wire

AbbVie Expected to Post Durable Growth Into Mid-2030s, BofA Securities Says

AbbVie (ABBV) is seen maintaining durable growth into the mid-2030s as investor concerns on competition eroding its business are "overdone," BofA Securities said in a note Thursday.The brokerage said the growth outlook for the company's Skyrizi medication remains solid, with no evidence of slowing demand across psoriasis or inflammatory bowel disease. Johnson & Johnson's (JNJ) IL-23 products appear to be category expanding rather than taking market share from AbbVie, according to the note.During its earnings call, AbbVie stated that Skyrizi's intellectual property extend into the mid-2030s and beyond, which the brokerage believes is a potential upside given the company's history of successfully defending drug patents.Compared with its large-cap pharmaceutical peers, AbbVie is projected to grow revenue at about 6% per year over 5 and 7 years, versus a peer average of 3% to 4%, BofA said. At its current reasonable valuation, the company offers "one of the best" growth profiles in the industry, with room for upside on the success of its early and mid-pipeline efforts, the brokerage said.BofA upgraded AbbVie to buy from neutral, and raised the price target to $234 from $226.Shares of AbbVie were up more than 4% in Thursday trading.Price: $212.77, Change: $+8.88, Percent Change: +4.36%

$ABBV$JNJ
Wire

Johnson & Johnson Says Imaavy Shows Sustained Disease Control in Myasthenia Gravis

Johnson & Johnson (JNJ) said Wednesday that new phase 3 data demonstrates that Imaavy provides sustained disease control over more than two years in patients with generalized myasthenia gravis.The phase 3 study and its open-label extension showed sustained improvements in symptoms and quality of life over 120 weeks, along with durable reductions in disease-driving antibodies, with many patients achieving and maintaining minimal symptom expression, the company said.Johnson & Johnson also said its EPIC study, the first head-to-head study of Imaavy versus another FcRn blocker in generalized myasthenia gravis, is now enrolling participantsPrice: $226.58, Change: $+0.42, Percent Change: +0.19%

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Wire

Argus Raises Price Target on Johnson & Johnson to $275 From $240

Johnson & Johnson (JNJ) has an average rating of overweight and mean price target of $256.39, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $237.10, Change: $-3.00, Percent Change: -1.25%

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Wire

Update: BofA Securities Raises Price Target on Johnson & Johnson to $254 From $253, Maintains Neutral Rating

(Updated to include BofA's commentary)BofA Securities raised its price target on Johnson & Johnson (JNJ) to $254 from $253, while maintaining its Neutral rating after the company's reported better-than-expected Q1 results.Given the results, the brokerage modestly raised its 2026 forecasts mainly for Tremfya (immunology). But, as there were no thesis-changing updates, with the company providing above-peer top-line growth and favorable LOE profile, which is already reflected in its premium multiple, the brokerage reiterated its Neutral rating on balanced risk/reward.Johnson & Johnson has an average rating of overweight and mean price target of $256.39, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $237.77, Change: $-2.33, Percent Change: -0.97%

$JNJ
Wire

Johnson & Johnson Reported Above-Peer Topline Growth in Q1, BofA Says

Johnson & Johnson (JNJ) reported above-peer top-line growth in Q1 and a limited loss-of-exclusivity exposure, but that is already reflected in the company's premium multiple, BofA Securities said in a client note Wednesday.In its Q1 results, Johnson & Johnson did not provide any material research and development pipeline updates, with the investor call focusing on the Icotyde plaque psoriasis drug launch and reasons for perceived "softness" in MedTech, the BofA analysts said."Overall, 1Q offered nothing thesis changing," the analysts said.BofA said that the company's Tremfya drug has solidified its "number two" position in the drug target category, aided by subcutaneous Crohn's induction, with that benefit expected to neutralize when competitor AbbVie (ABBV) launches subcutaneous Skyrizi in 2027.The analysts updated their Tremfya peak sales estimate to $13 billion from $11 billion.BofA retained a neutral rating on the stock and increased its price target to $254 from $253.Price: $238.42, Change: $-1.68, Percent Change: -0.70%

$ABBV$JNJ
Wire

BofA Securities Raises Price Target on Johnson & Johnson to $254 From $253, Maintains Neutral Rating

Johnson & Johnson (JNJ) has an average rating of overweight and mean price target of $256.39, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $238.18, Change: $-1.92, Percent Change: -0.80%

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Wire

Johnson & Johnson Q1 Reinforces Growth Outlook on New Product Cycle, Morgan Stanley Says

Johnson & Johnson's (JNJ) Q1 results reinforced Morgan Stanley's confidence in the company's growth trajectory, driven by its new product cycle, including Icotyde.The company reaffirmed its long-term outlook and sees a path to double-digit revenue growth by 2030. Johnson & Johnson also highlighted key Pharma growth drivers, including Icotyde, Rybrevant and Inlexzo. It further pointed to cardiovascular launches and the Orthopedics separation as tailwinds in MedTech.Johnson & Johnson posted a Q1 beat and slightly lifted 2026 revenue guidance to $100.3 billion to $101.3 billion. This compares with Morgan Stanley's estimate of $101.1 billion and Street estimate of $100.6 billion. New adjusted EPS guidance was $11.45 to $11.65, versus Morgan Stanley's estimate of $11.82 and consensus of $11.56.The company expects heavier investment in H1, with stronger earnings growth in H2 as new product launches scale, according to the note Tuesday.Upcoming catalysts include additional readouts for Icotyde across plaque psoriasis and psoriatic arthritis. The company also expects data from the phase 2 Duet trials in ulcerative colitis and Crohn's disease. Phase 3 readouts of Milvexian in atrial fibrillation and secondary stroke prevention are also expected.Morgan Stanley maintained an overweight rating on Johnson & Johnson and raised its price target to $283 from $267.Price: $238.95, Change: $-1.15, Percent Change: -0.48%

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Wire

Johnson & Johnson Highlights Pipeline Catalysts, Reaffirms Growth Outlook After Q1 Beat, RBC Says

Johnson & Johnson (JNJ) outlined strong pipeline catalysts across Innovative Medicine and MedTech, reinforcing its long-term double-digit growth outlook after delivering a Q1 2026 earnings beat and raising full-year guidance, with its growth acceleration thesis remaining intact, RBC Capital said in a Tuesday note.RBC highlighted strength in key growth drivers including Tremfya, Carvykti, and newly launched Icotyde, which management said could become one of its largest future products, while MedTech growth remains steady with expectations to reach high single-digit growth by the end of the decade.Management modestly raised 2026 guidance to about 6.1% operational sales growth and $11.55 in adjusted earnings per share at the midpoint, while also reporting an estimated around 2% sales beat and 1% EPS beat, according to the report.The company highlighted pipeline opportunities across oncology, cardiovascular, and bladder cancer therapies, along with device innovation, supporting mid- to high-single-digit growth acceleration through the end of the decade, RBC added.RBC maintained its outperform rating on the stock and raised its price target to $265 from $255.Shares of Johnson & Johnson were down 0.7% in Wednesday trading.Price: $238.44, Change: $-1.66, Percent Change: -0.69%

$JNJ
US Markets

Nasdaq Extends Winning Streak to 10 Days Amid US-Iran Deal Hopes

The Nasdaq Composite extended its winning streak to a tenth consecutive session on Tuesday as oil prices tumbled amid optimism that the US and Iran could revive peace talks.The Nasdaq climbed 2% to 23,639.1. The S&P 500 rose 1.2% to 6,967.4, while the Dow Jones Industrial Average added 0.7% to 48,536.Most sectors were in the green, led by communication services' 3.2% jump, while energy saw the steepest decline.West Texas Intermediate crude oil was last down 7% at $92.12 per barrel, while Brent lost 4.2% to $95.24.The US and Iran could resume talks later this week, possibly in Pakistan, news outlets reported, citing US President Donald Trump.Trump continues to be open to resuming in-person negotiations soon if he believes Iran is ready to submit to his demands, CNN reported, citing people familiar with the matter.Over the weekend, US-Iran peace negotiations in Pakistan ended without a deal. Following that setback, the US navy started a blockade of Iranian ports in the crucial Strait of Hormuz. A two-week ceasefire between the US and Iran, however, still holds.The International Energy Agency on Tuesday forecast global oil demand to turn negative this year due to the Middle East conflict, penciling in the sharpest consumption decline in the second quarter since the COVID-19 pandemic.The International Monetary Fund lowered its global economic growth expectations for 2026 due to the Middle East conflict, cautioning that a prolonged war could drive a further slowdown.US Treasury yields were lower, with the 10-year rate last down four basis points at 4.25% and the two-year rate dropping three basis points to 3.75%.In company news, Amazon.com (AMZN) agreed to buy mobile satellite services operator Globalstar (GSAT) as the e-commerce giant aims to add direct-to-device services to its Leo satellite network. Amazon shares jumped 3.8%, the top gainer on the Dow, while Globalstar jumped 9.6%.Johnson & Johnson (JNJ) lifted its full-year outlook as the healthcare products conglomerate's first-quarter results surpassed Wall Street's expectations. The company's shares rose 0.9%.JPMorgan Chase (JPM) and Citigroup's (C) first-quarter results topped the Street's expectations, while Wells Fargo's (WFC) revenue missed market views.Wells Fargo shares tumbled 5.7%, among the steepest declines on the S&P 500. JPMorgan shares fell 0.8%, while Citigroup rose 2.7%."The earnings season arrives against a backdrop where market attention has drifted away from fundamentals like earnings growth and towards geopolitical risks," Wells Fargo Investment Institute said in a report e-mailed to. "Recent volatility reflects a repricing driven by risk sentiment and geopolitics, not a deterioration in fundamentals."In economic news, US producer prices growth steadied in March as wholesale costs of energy surged amid volatility stemming from the Iran war."A sizable increase in the PPI underscores the material effects of higher energy prices and the broader inflationary impact of a global price shock on the domestic economy," Stifel said in a note. "Such pressures are furthermore likely to intensify in the coming months as upstream costs work their way down the production pipeline."Gold was last up 2.1% at $4,869.10 per troy ounce, while silver advanced 5.3% to $79.68 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMZN$C$GSAT$JNJ$JPM$WFC
Sectors

Sector Update: Health Care Stocks Higher Late Afternoon

Health care stocks rose late Tuesday afternoon, with the NYSE Health Care Index up 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.6%.The iShares Biotechnology ETF (IBB) climbed 2.1%.In corporate news, Johnson & Johnson (JNJ) lifted its full-year outlook on Tuesday as the healthcare products conglomerate's Q1 results surpassed Wall Street's expectations. Its shares rose 1.1%.Eli Lilly (LLY) has agreed to buy CrossBridge Bio for up to $300 million in cash, the pre-clinical biotechnology firm said Tuesday. Lilly shares were down 0.6%.Novo Nordisk (NVO) has received the Medicines and Healthcare products Regulatory Agency approval for a new single-dose 7.2 mg of Wegovy to treat adults with obesity, the UK regulator said. Novo shares climbed 3.5%.Biogen (BIIB) shares rose 1.5% after Piper Sandler upgraded the stock to overweight from neutral and boosted its price target to $214 from $177.Avanos Medical (AVNS) shares surged 69% after the company said Tuesday it agreed to be acquired by American Industrial Partners affiliates in an all-cash deal valuing the company at roughly $1.27 billion.

$AVNS$BIIB$JNJ$LLY$NVO
Wire

Equities Rise Intraday, Oil Falls Amid US-Iran Talk Optimism

US benchmark equity indexes rose intraday, while oil prices fell amid optimism that Washington and Iran could revive peace talks.The Nasdaq Composite was up 1.8% at 23,610.3 after midday Tuesday, while the S&P 500 rose 1.1% to 6,962.8. The Dow Jones Industrial Average added 0.6% to 48,572.3. Among sectors, communication services paced the gainers with a 3.1% jump, while energy saw the steepest decline.West Texas Intermediate crude oil tumbled 7.2% to $91.71 per barrel, while Brent lost 4.4% to $95.03.The US and Iran could resume talks later this week, possibly in Pakistan, news outlets reported, citing US President Donald Trump.Trump continues to be open to resuming in-person negotiations soon if he believes Iran is ready to submit to his demands, CNN reported, citing people familiar with the matter.Over the weekend, US-Iran peace negotiations in Pakistan ended without a deal. Following that setback, the US navy started a blockade of Iranian ports in the crucial Strait of Hormuz. A two-week ceasefire between the US and Iran, however, still holds.The International Energy Agency on Tuesday forecast global oil demand to turn negative this year due to the Middle East conflict, penciling in the sharpest consumption decline in the second quarter since the COVID-19 pandemic.US Treasury yields were lower intraday, with the 10-year rate down 4.3 basis points at 4.25% and the two-year rate dropping three basis points to 3.75%.In company news, Amazon.com (AMZN) agreed to buy mobile satellite services operator Globalstar (GSAT) as the e-commerce giant aims to add direct-to-device services to its Leo satellite network. Amazon shares were up 5.1% intraday, the top gainer on the Dow, while Globalstar jumped 10%.Johnson & Johnson (JNJ) lifted its full-year outlook as the healthcare products conglomerate's first-quarter results surpassed Wall Street's expectations. The company's shares were up 1.4%, among the best performers on the Dow.JPMorgan Chase (JPM) and Citigroup's (C) first-quarter results topped the Street's expectations, while Wells Fargo's (WFC) revenue missed market views.Wells Fargo shares were down 4.6% intraday, among the steepest declines on the S&P 500. JPMorgan shares were down 0.7%, while Citigroup rose 3.4%.In economic news, US producer prices growth steadied in March as wholesale costs of energy surged amid volatility stemming from the Iran war."A sizable increase in the PPI underscores the material effects of higher energy prices and the broader inflationary impact of a global price shock on the domestic economy," Stifel said in a note. "Such pressures are furthermore likely to intensify in the coming months as upstream costs work their way down the production pipeline."Gold was up 2% at $4,863.10 per troy ounce, while silver advanced 5% to $79.42 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMZN$C$GSAT$JNJ$JPM$WFC
Wire

Sector Update: Health Care Stocks Rise Tuesday Afternoon

Health care stocks rose Tuesday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 0.8%.The iShares Biotechnology ETF (IBB) climbed 2.1%.In corporate news, Johnson & Johnson (JNJ) lifted its full-year outlook on Tuesday as the healthcare products conglomerate's Q1 results surpassed Wall Street's expectations. Its shares rose 1.5%.Novo Nordisk (NVO) has received the Medicines and Healthcare products Regulatory Agency approval for a new single-dose 7.2 mg of Wegovy to treat adults with obesity, the UK regulator said. Novo shares climbed 3%.Avanos Medical (AVNS) shares surged 69% after the company said Tuesday it agreed to be acquired by American Industrial Partners affiliates in an all-cash deal valuing the company at roughly $1.27 billion.

$AVNS$JNJ$NVO
Sectors

Sector Update: Health Care

Health care stocks rose Tuesday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 0.8%.The iShares Biotechnology ETF (IBB) climbed 2.1%.In corporate news, Johnson & Johnson (JNJ) lifted its full-year outlook on Tuesday as the healthcare products conglomerate's Q1 results surpassed Wall Street's expectations. Its shares rose 1.3%.

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