Johnson & Johnson breaks higher ahead of vaccine announcement
Johnson & Johnson CFO raises hopes ahead of vaccine announcement, with the EU in particular standing to gain given AstraZeneca struggles.
Johnson & Johnson could bring key tool to fighting Coronavirus
The fourth quarter was dominated by vaccine news from Moderna,Pfizer Inc, and AstraZeneca, with all three coming out with impressive data from their respective products. However, it looks like next week will provide a key update for one of the most important vaccines going forward.
Johnson & Johnson (All Sessions) has a single-dose vaccine developed under its Janssen subsidiary. Group CFO Joseph Wolk appeared on CNBC today stating that they expect ‘very robust data’ when the vaccine results are released next week. That not only provides gains for the stock, but also European markets. Given the difficulties the EU are experiencing in obtaining their allotted AstraZeneca vaccinations, a high quality product from Johnson & Johnson could be crucial to shortening the crisis in the region.
The chart below from the FT highlights the importance of this vaccine for the region. The US, Canada, EU, and New Zealand would all see substantial benefits to a good product given their pre-orders.
Johnson & Johnson: technical analysis
The Johnson & Johnson (All Sessions) chart shows the bullish breakout seen today, with traders reacting with optimism over the potential impending announcement next week. With anticipation of that announcement likely to build over the coming days, we will likely see further upside, with a bullish outlook in play unless price breaks below the $160.10 swing-low.
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