Shares of Johnson & Johnson (NYSE:JNJ) inched 0.16% higher to 144.44 Wednesday, on an all-around rough trading session for the US stock market.
The stock’s rise snapped a 2-day losing streak. Johnson & Johnson closed 12.56 below its 52-wk high at 157.00 marked on 23 April. JNJ stock is extremely oversold in here. I am Neutral with a Bearish bias, as the virus vaccine is too volatile to trade intelligently now. A clear break over 150.75 will change my view.
Johnson & Johnson is beginning a huge final study to try to prove if a single-dose COVID-19 vaccine can protect against the virus.
The study starting Wednesday will be 1 of the world’s largest coronavirus vaccine studies so far, testing the shot in 60,000 volunteers in the US, South Africa, Argentina, Brazil, Chile, Colombia, Mexico and Peru.
Some other vaccines in the US including shots made by Moderna Inc. and Pfizer Inc. and others in other countries are already in final-stage testing. Hopes are high that answers about at least 1 candidate being tested in the US could come by year’s end, or sooner.
US health officials insist the race for a vaccine is not cutting corners.
“We want to do everything we can without sacrificing safety or efficacy — we’re not going to do that — to make sure that we end up with vaccines that are going to save lives,” said the director of the National Institutes of Health.
But many vaccine specialists question whether the Food and Drug Administration (FDA) will stick to that goal under intense pressure from The Trump Administration. President Trump has presented a faster time frame for a new vaccine than experts say is adequate to fully test the candidates.
J&J’s vaccine is made with different technology than others in late-stage testing, modeled on an Ebola vaccine the company created.
Unlike the other 3 vaccines that started late-stage testing in the US, it only requires 1 shot, not 2.
Despite a later start to testing than some of its competitors J&J’s chief scientific officer, told reporters that the study was large enough to yield answers possibly by early next year.
Have a healthy day, Keep the Faith!