10 Best Pharma Stocks To Buy Right Now

4. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 80

Johnson & Johnson (NYSE:JNJ), one of the world’s largest healthcare companies, offers a broad portfolio that includes pharmaceuticals, medical devices, and consumer health products.

Following Johnson & Johnson’s strong third-quarter earnings, RBC Capital Markets raised its price target for the stock from $178 to $181, maintaining an Outperform rating. The company’s Q3 results exceeded expectations, with a 5.6% year-over-year underlying growth, excluding COVID-related sales, largely driven by the Innovative Medicine segment. However, MedTech reported a slower growth rate of 3.7%, falling short of the anticipated 6.7%, partly due to seasonal trends and challenges in the Asia Pacific region.

In addition, Johnson & Johnson (NYSE:JNJ) reported positive Phase 3 study results for its drug TREMFYA in treating ulcerative colitis and Crohn’s disease. The data showed that TREMFYA led to higher endoscopic remission rates than ustekinumab and placebo, particularly in patients who were new to biologic therapies or had previously not responded to them.

According to Insider Monkey, 80 hedge funds held positions in Johnson & Johnson (NYSE:JNJ) as of Q2 2024.