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Johnson & Johnson (NYSE: JNJ) stock lost 5.64% on Friday and is 2.33% down today. The company’s CEO Alex Gorsky reassured that the company will have important data by the end of the year to offer a coronavirus vaccine.
In the race for the search of a coronavirus vaccine is an American multinational corporation, Johnson & Johnson (NYSE: JNJ). However, things are not all rosy for its stock market which has been falling for the past two months. As a result, all the gains made from late last year to early February have all been wiped out. The company is pulling all the resources and working with different related organizations to develop a vaccine to tame the coronavirus.
The number of states affected by the virus has so far reached 50 including Washington DC. The number of confirmed cases is slightly above 15, 000 as per the time of writing. Worldwide, the number is more than 300,000 people, while the total number of fatalities stands at over 14,000.
In a bid to reassure the investors, the company’s CEO Alex Gorsky discussed the company’s efforts to develop a possible coronavirus vaccine and other related things. He said that the company may have important data by the end of the year regarding the coronavirus vaccine.
However, the company is looking forward to starting on the clinical trials from the next month. This is because the company is leveraging its high tech which was used to develop Ebola, Zika and also HIV vaccines.
He noted that most hospitals in the first line of defense against coronavirus are already overwhelmed on resources, whereby, most are running out of protective gear. As a result, the government is now calling on the private sector to chip in on helping out with the outbreak. He pointed out that it is incredible how biotech companies have been able to pull on a project that essentially takes 5-7 years just in less than three months.
Will Johnson & Johnson Stock Thrive as the Company Develops Coronavirus Vaccine?
For the past four years, the Johnson & Johnson (JNJ) stock has been trading on a horizontal channel, consolidating after the previous bull run. However, after the coronavirus outbreak, a lot of expectations have been put on the company to develop a vaccine to combat the coronavirus.
Having retested the all-time lows of the past four years at $119, from a technical standpoint of view, the bulls will have to rejuvenate the upward movement. If that won’t happen on the current level, it may seek some refuge at $109 and maybe jump higher if their vaccine is approved.
Johnson & Johnson (NYSE: JNJ) stock dipped further 5.64% to hit $119.89 by March 20, 16:01 EDT. Today, at the time of writing JNJ is down 2.33% and is trading around $117.
It is also good to note that there are other companies like Gilead Sciences Inc (NASDAQ: GILD) and Moderna Inc (NASDAQ: MRNA) which are ahead in the process of developing a possible coronavirus vaccine.