Blue-Chip Pharma Stock Inches Higher After Q3 Win

A stronger U.S. dollar forced the company to narrow its earnings outlook

Jake Scott

Deputy Editor

Oct 18, 2022 at 9:23 AM

Johnson & Johnson (NYSE:JNJ) took to the earnings confessional earlier to report a third-quarter earnings and revenue beat, thanks to growing pharmaceutical sales. The company narrowed its earnings outlook, however, issuing caution amid the strengthening U.S. dollar. Ahead of the open, JNJ is up 1.2% at $168.54.

After hitting an April 25, record high of $186.69, Johnson & Johnson stock took a step back on the charts, though it's now trading back above its descending 60-day moving average. In addition, the shares lost 7.6% in August, and JNJ is now trading 2.6% lower year-to-date.

Analysts have yet to weigh in on the results, but they were split coming into today. While there's not a "sell" on the books, eight members of the brokerage bunch rate Johnson & Johnson stock a "hold" versus eight that recommend a "buy" or better. Meanwhile, the 12-month consensus target price of $185.40 is a 10% premium to last night's close.

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