H.C. Wainwright analyst Raghuram Selvaraju noted that Provention Bio (PRVB) announced late last week that Johnson & Johnson's (JNJ) Janssen division no longer intends to take up an option to buy back the rights to PRV-6527, which Provention had been developing for Crohn's disease. The analyst, who noted that Provention Bio does not intend to conduct further PRV-6527 development, said the decision was "minor," given that he does not ascribe any value to PRV-6527 in his Provention valuation, and was in line with his expectations. Selvaraju, who said teplizumab remains the key value driver for Provention Bio, keeps a Buy rating and $20 price target on the shares.

BofA analyst Geoff Meacham lowered the firm's price target on Johnson & Johnson to $170 from $180 and keeps a Neutral rating on the shares. Shares traded down despite a "solid" Q1 and unchanged reported guidance midpoint, which the firm suspects was due to disappointing Carvykti sales and the Vision business, the analyst tells investors. The firm, which thinks commercial execution from key growth franchises remains the focus and investor sentiment can improve on better-than-expected quarterly performance and pipeline readouts, argues that 2024 guidance looks "beatable," but lowers its price target on a lower Carvykti sales outlook.