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Investing.com - Johnson & Johnson (NYSE:JNJ) received a reiterated Buy rating and $206.00 price target from Guggenheim, following promising clinical trial results for its multiple myeloma treatment.
The research firm described initial data from the MajesTEC-3 trial, which combines JNJ’s drugs Tecvayli and Darzalex, as "overwhelmingly positive" and potentially establishing a new standard of care for relapsed/refractory multiple myeloma patients. This development could further strengthen JNJ’s position as a prominent player in the Pharmaceuticals industry, with the stock already delivering an impressive 45.91% return year-to-date.
The clinical trial demonstrated an 83% reduction in risk of progression or death compared to standard-of-care treatments, with 83.4% of patients on the Tecvayli-Darzalex combination remaining progression-free after three years versus just 29.7% for patients on conventional therapies.
Overall survival benefits were similarly impressive, showing a 54% reduction in risk of death and a 36-month survival rate of 83.3% compared to 65.0% for standard treatments.
Guggenheim expects the full data presentation at next month’s American Society of Hematology Annual Meeting could represent a "paradigm shift" in multiple myeloma treatment, potentially expanding Tecvayli’s addressable market and positioning JNJ’s multiple myeloma franchise as a key growth driver for the company’s Innovative Medicines business.
In other recent news, Johnson & Johnson announced that its psoriatic arthritis treatment, TREMFYA, demonstrated continued effectiveness in reducing symptoms and inhibiting joint damage through 48 weeks in the Phase 3b APEX study. The company also revealed plans to acquire Halda Therapeutics for $3.05 billion, aiming to bolster its oncology portfolio with a focus on prostate cancer treatments. In regulatory developments, the U.S. Food and Drug Administration approved Caplyta as an adjunctive therapy for major depressive disorder, marking the first approval under Johnson & Johnson’s leadership following its acquisition of Intra-Cellular Therapies. Additionally, the company plans to launch the first head-to-head study of FcRn blockers in patients with generalized myasthenia gravis. However, Johnson & Johnson is facing a 17% increase in lawsuits regarding its talc-based baby powder, with approximately 73,570 lawsuits now pending. These lawsuits allege that the product causes cancer, following a court’s rejection of the company’s latest settlement attempt. These developments highlight a mix of strategic expansions and ongoing legal challenges for Johnson & Johnson.
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