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JNJ

Johnson & Johnson

$111.38

0.08 (0.07%)

18:40
12/01/16
12/01
18:40
12/01/16
18:40

Dallas jury returns $1B-plus verdict in defective DePuy hip implants lawsuit

A federal jury in Dallas has returned a combined verdict of more than $1B on behalf of six people who suffered serious medical complications caused by defective metal-on-metal hip implants made by Johnson & Johnson and its subsidiary DePuy Orthopaedics. The verdict includes more than $30M in actual damages for the six plaintiffs and more than $1B in punitive damages assessed against Johnson & Johnson and DePuy. The verdict is the third bellwether trial among thousands of similar lawsuits nationwide that have been consolidated in multidistrict litigation in the U.S. District Court for the Northern District of Texas. A bellwether trial is one that is typically representative of all the issues involved in the litigation of a mass tort case. In March 2016, a Dallas jury awarded more than $500M to five individuals who suffered similar physical and medical complications caused by the controversial Pinnacle hip implant. The Pinnacle implant was designed with a metal, rather than a safer ceramic or polyethylene, socket. The metal-on-metal design causes the socket to rub against the ball head, which can lead to corrosion and can cause bone and surrounding tissue to erode over time. Each of the six plaintiffs in the trial had to undergo revision surgeries to replace the implants and repair the damage. Jurors heard testimony that Johnson & Johnson and DePuy aggressively marketed the implants and employed tactics that included paying kickbacks to surgeons for using the device although they were aware of safer alternatives. A fourth bellwether trial, which will involve 10 patients, has been scheduled by U.S. District Judge Ed Kinkeade in Dallas for September, 2017.

JNJ Johnson & Johnson
$111.38

0.08 (0.07%)

11/09/16
RBCM
11/09/16
NO CHANGE
RBCM
Johnson & Johnson should be bought on recent weakness, says RBC Capital
After meeting with J&J's VP, Investor Relations, RBC Capital analyst Glenn Novarro says that the company's Q3 pharma results indicate that the growth of its major drugs can more than offset any declines in Remicade sales next year. The analyst quotes J&J as saying that it has not been using price hikes to increase its sales, and he thinks that the company's diverse business model will allow it to avoid being hurt by any regulatory pressures. He is upbeat on the company's efforts to increase its margins and notes that its medical device results have improved. Novarro keeps a $133 price target and an Outperform rating on the shares.
11/28/16
WELS
11/28/16
NO CHANGE
WELS
Actelion could be acquired for $215 per share, says Wells Fargo
After Johnson & Johnson (JNJ) said that it's in preliminary talks about a deal with Actelion (ALIOF), Wells Fargo estimates that J&J could buy Actelion for $215 per share. The firm thinks that other bidders could emerge for Actelion. It estimates that the deal could be accretive to J&J's EPS by about 5%. Wells keeps an Outperform rating on J&J.
11/29/16
LEHM
11/29/16
DOWNGRADE
Target $125
LEHM
Equal Weight
Johnson & Johnson downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Geoff Meacham downgraded Johnson & Johnson to Equal Weight and lowered its price target to $125 from $130. The analyst said risk/reward is less compelling and said shares could become a source of funds due to Remicade biosimilar risk, slowing med tech utilization, reduced pipeline impact, and a move away from defensive names.
11/29/16
11/29/16
DOWNGRADE

On The Fly: Top five analyst downgrades
On The Fly: Top five analyst downgrades: 1. Wendy's (WEN) downgraded to Neutral from Buy at Goldman with analyst Karen Holthouse citing valuation with the stock up 23% over the past month. 2. SAIC (SAIC) downgraded to Neutral from Buy at Citi with analyst Jonathan Raviv citing the recent rally in the shares and some overhang from the pending contract transition. 3. BioMarin (BMRN), Johnson & Johnson (JNJ), and Vertex (VRTX) were downgraded to Equal Weight from Overweight at Barclays. 4. Nivalis Therapeutics (NVLS) downgraded to Market Perform Raymond James, to Hold from Buy at Stifel, to Market Perform from Outperform at Cowen, and to Neutral from Outperform at Baird. 5. U.S. Steel (X) downgraded to Hold from Buy at Argus. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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VZ

Verizon

$53.46

1.55 (2.99%)

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SRNE

Sorrento Therapeutics

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Juno Therapeutics

$86.00

18.19 (26.83%)

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$7.75

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$86.00

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Celgene

$102.91

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SPX

S&P 500

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EnLink Midstream

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EnLink Midstream

$19.25

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ACBFF

Aurora Cannabis

$11.65

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GDX

Market Vector Gold Miners

$23.71

0.06 (0.25%)

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VZ

Verizon

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AOS

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GLD

SPDR Gold Trust

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JPM

JPMorgan

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PG

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