Johnson & Johnson’s (JNJ) subsidiary Johnson & Johnson Vision Care, Inc. revealed that it has bagged the U.S. Food and Drug Administration’s (FDA) approval for ACUVUE Theravision with Ketotifen.
The approved product is a daily disposable contact lens and contains 19 mcg ketotifen, a well-established antihistamine. The lens is targeted to make its wearing comfortable for wearers with allergic eye itch.
The approval is based on positive Phase 3 clinical studies that were published in the journal Cornea and regulatory approval by the Japanese Ministry of Health, Labor and Welfare, and Health Canada.
The study reflected that Ketotifen helped to soothe itchy allergy eyes as quickly as three minutes after lens insertion and lasted for up to 12 hours; however, the lens may be worn for more than 12 hours for vision correction.
The President, North America, Johnson & Johnson Vision Care, Thomas Swinnen, said, “At Johnson & Johnson Vision, we are committed to bringing forward new technologies and innovations that can improve vision and overall eye health. This approval marks another significant milestone in Johnson & Johnson Vision’s legacy of rethinking what’s possible with contact lenses to meet the visual and eye health needs of people around the world.”
Price Target
Recently, Cantor Fitzgerald analyst Louise Chen reiterated a Buy rating on Johnson & Johnson with a $215 price target, implying 29.5% upside potential from current levels.
Chen said, “We continue to believe that its Pharma business is underappreciated and that upwards earnings estimate revisions, as well as multiple expansion will drive JNJ’s stock higher.”
Consensus among analysts is a Moderate Buy based on 7 Buys and 4 Holds. The average Johnson & Johnson price target stands at $187.91 and implies upside potential of 13.2% to current levels.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 91% Bullish on JNJ, compared to a sector average of 68%.
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