Benzinga - by Surbhi Jain, .
Johnson & Johnson (NYSE:JNJ) stock hasn’t displayed much momentum: it is down 1.22% over the past six months, up 5.57% over the past year and up 3% YTD. The stock recently made a Golden Cross on the charts, signaling a reversal in trend.
Ambrx Biopharma Acquisition To Boost Fundamentals Johnson & Johnson’s recent acquisition of Ambrx Biopharma boosted the stock recently. On March 7, the company announced it had completed the acquisition of the company.
Ambrx is a clinical-stage biopharmaceutical company known for its synthetic biology technology platform for developing next-generation antibody-drug conjugates (ADCs).
The all-cash merger, valued at approximately $2.0 billion, or $1.9 billion net of estimated cash acquired, marked a significant move in the pharmaceutical industry.
The acquisition presented a distinct opportunity for Johnson & Johnson to design, develop and commercialize targeted oncology therapeutics.
“We look forward to continuing the development of ARX517, which represents a potential first- and best-in-class PSMA-targeting ADC for the treatment of metastatic castration-resistant prostate cancer,” said Yusri Elsayed, Global Therapeutic Area Head, Oncology at Johnson & Johnson Innovative Medicine.
“This significant opportunity sets the stage for advancing next generation ADCs with the aim of delivering differentiated solid tumor therapies that improve patients’ lives,” he added.
Also Read: Insights Into Johnson & Johnson’s Performance Versus Peers In Pharmaceuticals Sector
Golden Cross On The Technical Charts Signals A Bullish Setting Johnson & Johnson stock’s moving averages have recently made a Golden Cross. This technical indicator emerges when the 50-day moving average, crosses above a long-term moving average, typically the 200-day moving average. In the chart above, the 50-day SMA (yellow line) has just crossed over the 200-day SMA (blue line), making a Golden Cross.
For investors, the indicator is often interpreted as a bullish signal, signifying potential upward momentum in the stock’s price.
As Johnson & Johnson navigates this technical milestone, investors may take note of the increased optimism surrounding the stock’s performance in the market.
Read Next: Beyond The Numbers: 13 Analysts Discuss Johnson & Johnson Stock
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.