Johnson & Johnson (JNJ) Stock on December 3, 2025: Analyst Upgrades, Options Signals and New Drug Wins at Near‑Record Highs

Johnson & Johnson (NYSE: JNJ) is trading around $205–$206 per share on Wednesday, December 3, 2025, just shy of its 52‑week high of about $207.81, after a powerful rally that has lifted the stock roughly 40% this year. ^[1]

Today’s news flow around JNJ is unusually crowded:

Barclays has raised its price target to $197 while keeping an Equal Weight rating. ^[2]
Guggenheim is reiterating a Buy rating and $206 target on the back of highly positive multiple myeloma data. ^[3]
MarketBeat has refreshed its consensus, which still sits at a “Moderate Buy” with an average 12‑month target slightly below today’s price. ^[4]
Options desks are busy, with Benzinga flagging a wave of mostly bearish “whale” trades in JNJ options. ^[5]
Johnson & Johnson itself has launched a new vision‑care campaign with Naomi Watts, following Monday’s European approval for its autoimmune drug IMAAVY (nipocalimab) and November’s $3.05 billion Halda Therapeutics acquisition. ^[6]

Below is a structured look at JNJ stock as of December 3, 2025—covering price action, the day’s key headlines, analyst forecasts through 2027, and the risks that still hang over the story. This article is for information and news purposes only and is not investment advice.

JNJ stock today: price, performance and trading backdrop

Price & basic metrics (Dec 3, 2025)
According to MarketBeat’s latest update, JNJ: ^[7]

Opened today at $205.38
Trades within a 52‑week range of $140.68–$207.81
Carries a market cap of about $495 billion
Trades at a P/E ratio of ~19.8 and a PEG ratio around 2.2
Shows a low beta of 0.36, underscoring its defensive, low‑volatility profile
Has quick and current ratios of 0.80 and 1.07, respectively

ChartMill’s technical dashboard shows JNJ around $206 with a 10/10 technical rating, reflecting strong momentum after roughly 10% gains over the past month and about 38% over the last year. ^[8]

On the income side, JNJ recently declared a quarterly dividend of $1.30 per share (annualized $5.20), which works out to a yield of roughly 2.5% at current prices—backed by more than 60 consecutive years of dividend increases. ^[9]

What’s new on December 3, 2025? Key JNJ headlines

1. Guggenheim: multiple myeloma data keeps JNJ a Buy

An article syndicated via Insider Monkey and highlighted by Finviz notes that Guggenheim reaffirmed a Buy rating and a $206 price target for JNJ on November 25, with the story picked up on December 3. ^[10]

The call hinges on “overwhelmingly positive” data from the MajesTEC‑3 trial, which combines J&J’s Tecvayli and Darzalex in relapsed/refractory multiple myeloma:

The combination significantly improved progression‑free and overall survival versus the current standard of care.
Earlier phase data showed a 100% overall response rate in evaluable patients with deep remissions. ^[11]
Guggenheim expects a data presentation at the American Society of Hematology (ASH) meeting to underscore what it calls a potential “paradigm shift” in multiple myeloma treatment. ^[12]

Why it matters:
This reinforces the idea that oncology is a central growth engine for JNJ’s Innovative Medicine segment and supports management’s longer‑term ambition to hit $50 billion in oncology sales by 2030. TS2 Tech

2. Barclays lifts target to $197 but stays “Equal Weight”

Another December 3 write‑up, also referencing Insider Monkey via Finviz, reports that Barclays raised its JNJ price target from $176 to $197 on December 2, while keeping an Equal Weight rating. ^[13]

Barclays highlights: ^[14]

Balance sheet strength that supports heavy R&D spending and targeted acquisitions
The $3.05 billion Halda Therapeutics deal, giving JNJ a platform for oral cancer therapies in prostate and other solid tumors
A focus on high‑margin, innovation‑driven categories in Innovative Medicine (oncology, immunology, neuroscience) and fast‑growing MedTech niches like surgical robotics and digital surgery
Q3 2025 results featuring $24 billion in net sales (+6.8% YoY) and net income of about $5.2 billion (+91% YoY)

Takeaway:
Barclays clearly likes the direction of JNJ’s pipeline and strategy—but its $197 target sits below today’s ~$206 price, implying limited near‑term upside from these levels.

3. MarketBeat: “Moderate Buy” consensus, but price already near targets

A fresh MarketBeat summary dated December 3 notes that 26 brokerages currently cover JNJ with an overall rating of “Moderate Buy”: ^[15]

Ratings breakdown: 9 Hold, 13 Buy, 4 Strong Buy
Average 12‑month target price:$202.10, below where the stock trades today
JNJ is trading near its 52‑week high around $205, on about $495B market cap and a P/E of ~19.8
Analysts expect around $10.58 in EPS for the current fiscal year, with net margin ~27% and ROE ~33%

This portrayal is consistent with several independent sources—including StockAnalysis (average target ~$198 across 15 analysts) and ChartMill (target ~$205 from 31 analysts)—all clustering around the high‑$190s to low‑$200s for a one‑year horizon. ^[16]

Net message: Wall Street generally likes JNJ’s business, but does not see much price upside in the next 12 months from today’s level; expected returns are mostly from earnings growth and the dividend, not multiple expansion.

4. Zacks flags JNJ as a “most‑watched” stock

A Zacks‑syndicated piece titled “Is Most‑Watched Stock Johnson & Johnson (JNJ) Worth Betting on Now?” is among the most prominent JNJ articles hitting feeds on December 3. ^[17]

While the full text sits behind protection, public snippets indicate the article:

Notes that JNJ has been heavily searched on Zacks.com recently
Encourages investors to look at earnings‑estimate revisions, valuation and dividend strength before deciding whether to buy

It fits into a broader theme: JNJ has become a top‑of‑mind defensive name for retail and institutional investors alike after its 2025 rally.

5. Options “whales” lean bearish after the big run

Benzinga’s “Decoding Johnson & Johnson’s Options Activity: What’s the Big Picture?” (Dec 3) highlights unusual options activity in JNJ: ^[18]

The analysis flags 12 large options trades, with about 75% classified as bearish versus 16% bullish.
Big traders, or “whales,” have been targeting strikes between $150 and $230 over the last three months.
At the time of the piece, JNJ was up ~0.28% on the day at $206, with volume around 2.9 million shares and technical RSI readings suggesting the stock may be overbought.
The article also cites a $197 price target from Barclays with an Equal Weight rating, tying today’s options activity back to that more cautious stance. ^[19]

How to read this:
Options flows can reflect hedging as much as outright bearishness—especially after a big move higher—but it’s a sign that some sophisticated traders are protecting downside or betting on a pullback now that JNJ trades above most published price targets.

6. Investor & brand news: Naomi Watts campaign highlights vision business

On the corporate‑communications side, J&J MedTech announced a new campaign with actress Naomi Watts to reposition annual eye exams as an “ultimate self‑care move” for women over 40. ^[20]

Key points from the December 3 press release: ^[21]

A global Ipsos survey (9,895 adults) found 82% of Americans believe clear vision is important for feeling youthful and confident, yet 48% of respondents over 40 who think they need vision correction haven’t seen an eye‑care professional in the past year.
J&J uses the campaign to highlight aging‑related conditions like presbyopia and cataracts and the role of comprehensive eye exams in uncovering broader health issues.
The initiative underscores J&J’s ambitions in its Vision business, which fits inside the MedTech segment’s broader focus on high‑value specialties like ophthalmology, cardiovascular devices and surgical robotics.

Investor angle: This is not a major earnings catalyst on its own, but it reinforces the brand, MedTech footprint and consumer touchpoints JNJ uses to support long‑term growth.

7. Institutional flows: a big holder trims, but institutions still dominate

MarketBeat also reports today that Independent Franchise Partners LLP trimmed its JNJ position by about 1.1% in Q2, selling 58,398 shares but still holding over 5.24 million shares worth roughly $801 million, about 0.22% of JNJ’s shares and 5.3% of the fund’s portfolio (its 6th‑largest holding). ^[22]

The same article and related filings highlight that: ^[23]

Several other institutions have been adding or slightly increasing their stakes.
JNJ remains about 70% institutionally owned, consistent with its blue‑chip status.
On the insider side, EVP Jennifer Taubert sold about 56,000 shares in September for roughly $10 million, but still owns more than 178,000 shares.

Overall, filings suggest net institutional support with some profit‑taking after the 2025 run.

8. Investor relations: Citi Global Healthcare Conference appearance

A transcript of Johnson & Johnson’s presentation at Citi’s 2025 Global Healthcare Conference was posted today on Seeking Alpha and surfaced in StockAnalysis’s JNJ news feed. ^[24]

While the full remarks sit behind a paywall, management typically uses such fireside chats to:

Reiterate recent earnings and guidance
Highlight the pipeline (e.g., IMAAVY, oncology assets)
Discuss strategic moves like the DePuy Synthes orthopaedics spin‑off

For investors, these events matter mainly for tone and nuance—whether management sounds cautious or confident relative to prior calls.

Growth drivers: approvals, oncology push and portfolio reshaping

IMAAVY (nipocalimab): EU approval strengthens the immunology story

On December 1, the European Commission approved IMAAVY (nipocalimab), J&J’s fully human FcRn‑blocking antibody, for adults and adolescents (12+) with generalised myasthenia gravis (gMG) who are anti‑AChR or anti‑MuSK antibody‑positive. ^[25]

From the company’s announcement and related coverage: ^[26]

Nipocalimab is the first FcRn blocker approved in Europe for this broad antibody‑positive gMG population, which represents over 90% of antibody‑positive patients.
Phase 3 Vivacity‑MG3 and Phase 2/3 Vibrance‑MG studies showed:
- Rapid, substantial IgG reduction
- Sustained disease control up to ~20 months in extension data
- Symptom improvements with tolerability roughly comparable to placebo
Nipocalimab is already approved in the U.S., Brazil and Japan for gMG and is being tested in other autoantibody‑driven diseases.

Analysts have previously suggested nipocalimab could be a multi‑billion‑dollar franchise, helping offset looming patent expirations for legacy drugs like Stelara. TS2 Tech

Halda Therapeutics deal: deepening the oncology pipeline

On November 18, JNJ announced a deal to acquire privately held Halda Therapeutics for $3.05 billion in cash, its second major transaction of 2025 after a much larger oncology acquisition earlier in the year. ^[27]

Key elements: ^[28]

Halda’s lead candidate HLD‑0915 targets metastatic castration‑resistant prostate cancer using an oral RIPTAC‑based mechanism.
The pipeline includes additional experimental agents in breast, lung and other solid tumors.
Commentators frame the deal as part of JNJ’s plan to achieve $50B in oncology revenue by 2030.

Combined with the positive Tecvayli + Darzalex data, these moves underscore JNJ’s push to be a top‑tier oncology powerhouse rather than just a slow‑growth pharma giant. ^[29]

Q3 2025 results: beats and a guidance lift

Q3 2025 was a major catalyst in JNJ’s share‑price surge: TS2 Tech+1

Reported sales: about $24.0 billion, up 6.8% year‑over‑year
Net earnings: ~$5.15 billion, up 91% YoY (partly benefiting from prior‑year charges)
Reported EPS:$2.12 vs. $1.11 a year earlier
Adjusted EPS:$2.80, up ~16% YoY
Management raised full‑year 2025 reported sales guidance to ~ $93.7 billion (≈5.7% growth at the midpoint) and reaffirmed adjusted EPS guidance around $10.85.

Both Innovative Medicine and MedTech delivered mid‑single‑digit growth across U.S. and international markets, cementing the view that JNJ’s post‑Kenvue portfolio is back in growth mode. TS2 Tech+1

DePuy Synthes spin‑off and MedTech focus

On October 14, JNJ also announced plans to spin off its DePuy Synthes orthopaedics business into a separate company within 18–24 months: TS2 Tech

The orthopaedics unit generates roughly $9.2 billion in annual sales and about 9–10% of JNJ’s Q3 revenue but has been growing slower than the rest of MedTech. TS2 Tech
The move is described as “shrinking to grow faster,” allowing RemainCo J&J to tilt further toward higher‑growth, higher‑margin categories like cardiovascular devices, robotics and advanced surgery. TS2 Tech

Investors will be watching:

How the spin‑off is structured (tax‑free distribution or alternative)
Debt allocation between the two companies
Any short‑term disruption in operations or MedTech relationships

This spin‑off, combined with J&J MedTech’s internal operating model changes, is part of a broader portfolio‑optimization strategy rather than a retreat from devices. ^[30]

JNJ stock forecast: what analysts see through 2027

12‑month view: limited upside from current levels

Across multiple platforms, the near‑term story is remarkably consistent:

MarketBeat: Average 1‑year target $202.10, “Moderate Buy” consensus, with target range roughly mid‑$170s to low‑$210s. ^[31]
StockAnalysis: 15 analysts, overall “Buy”, with a $198 target implying ~3–4% downside from ~$205–206. ^[32]
ChartMill / Fintel‑style compilations: Average target around $205–206, essentially at today’s price, though some individual targets go as high as the $215–$240 area. ^[33]

In other words, Wall Street ratings are bullish, but price targets mostly hug current levels after the huge 2025 run.

2027‑style outlook: slow compounding, not hyper‑growth

A detailed TIKR.com review of JNJ forecasts through 2027 offers a snapshot of what longer‑term models assume: ^[34]

Revenue growth: about 5% per year through 2027
Operating margins: expected to hover around 33%
Forward P/E: shares trading near 15x forward earnings in TIKR’s base case
Analyst target distribution:
- Average near‑term target ≈ $198
- High ~ $225, low ~ $155, median ~ $204
Guided valuation: TIKR’s valuation model, applying a 15x forward P/E to consensus earnings, arrives at ~$211 per share by 2027, implying about 9.6% total upside (roughly 4% annualized) from levels around $190 at the time of that analysis. ^[35]

For many analysts and data providers, then, JNJ is positioned as a “steady compounder”:

Pros: Strong margins, fortress balance sheet, reliable dividend growth
Cons: Slower top‑line growth, legal overhang and limited multiple expansion

Valuation debate: from “deep value” to “slightly rich”

Recent synthesis pieces (including TS2.Tech and Simply Wall St) emphasize how valuation views diverge: TS2 Tech+1

DCF‑heavy models (e.g., Simply Wall St) sometimes estimate fair value in the $380–$430 range, implying JNJ might be ~45–55% undervalued, assuming robust long‑term growth and a generous discount rate.
Other intrinsic‑value tools (ValueSense, AlphaSpread and similar platforms) peg fair value closer to $175–$210, often implying JNJ is modestly overvalued (up to ~15%) at ~$205–206. TS2 Tech

This spread reflects:

Different assumptions about pipeline success, especially in oncology and autoantibody diseases
How heavily analysts discount litigation and spin‑off risk
Varying discount rates and terminal growth assumptions

From a practical standpoint, mainstream brokerages appear to treat JNJ as roughly fairly valued at current levels, even if some long‑horizon DCF models see considerable upside.

Key risks: litigation, valuation and restructuring

Talc litigation: a persistent overhang

Despite the positive pipeline news, talc‑related lawsuits remain one of JNJ’s biggest swing factors:

In April 2025, a U.S. bankruptcy judge rejected JNJ’s latest attempt to resolve tens of thousands of talc cases via an $8–10 billion settlement through a subsidiary’s Chapter 11, marking the company’s third failed bankruptcy‑based approach. ^[36]
JNJ has said it will litigate remaining claims individually, continuing to insist its talc products are safe. ^[37]
In October 2025, a Los Angeles jury ordered JNJ to pay $966 million in a mesothelioma case related to talc products—one of the largest verdicts against the company, though the award is likely to face appeals and potential reductions. ^[38]
Reuters reports that JNJ also faces its first UK group action, with over 3,000 claimants and estimated exposure around £1 billion, again with the company denying liability. ^[39]

The sheer scale and unpredictability of verdicts and settlements make it difficult to model the ultimate cost of this legal overhang, and different valuation frameworks treat it very differently.

Execution risk: DePuy Synthes spin‑off and MedTech restructuring

While most commentary views the planned DePuy Synthes orthopaedics spin‑off as a value‑unlocking, “shrink to grow” move, it also introduces: TS2 Tech+1

Transaction risk: spin‑offs can misfire if debt, tax structure or governance are poorly calibrated.
Operational risk: separating a large orthopaedics franchise could temporarily distract management and disrupt sales.
Market‑reception risk: investors may or may not value the new orthopaedics pure‑play at a premium.

Combined with internal restructuring in J&J MedTech, this means execution quality will matter a lot in 2026–2027.

Valuation and sentiment after a 40%+ rally

Finally, even JNJ bulls concede that after a huge 2025 rally, the near‑term risk/reward looks more balanced: TS2 Tech+1

Many 12‑month price targets cluster around today’s price or slightly below. ^[40]
JNJ trades at ~20x earnings with a PEG north of 2, indicating investors are paying a premium for stability and mid‑single‑digit growth rather than deep value. ^[41]
Options markets show increased bearish or hedging activity among large players, consistent with a stock that may need a breather after a big move. ^[42]

Bottom line: what today’s news says about JNJ stock

Putting it all together as of December 3, 2025:

Fundamentals: JNJ is delivering solid revenue and EPS growth, with Q3 2025 beats, a raised sales outlook, and sector‑leading margins and returns on equity. TS2 Tech+1
Growth story: New approvals like IMAAVY (nipocalimab), the Halda Therapeutics acquisition, and strong multiple myeloma data reinforce JNJ’s evolution into a pipeline‑driven immunology and oncology leader, not just a defensive dividend name. ^[43]
Income & quality: A 2.5% dividend yield, six‑plus decades of dividend growth, and a low beta keep JNJ squarely in “quality defensive” territory. ^[44]
Valuation: Most mainstream analyst targets sit in the $198–$205 range, suggesting little price upside over the next year from current levels, even as long‑term DCF models occasionally argue for much higher fair values. ^[45]
Risks: Talc litigation, regulatory and pricing pressures, and execution on the DePuy spin‑off and MedTech reshaping remain key wild cards for long‑term valuation. ^[46]

For short‑term traders, today’s mix of overbought technicals and cautious options flows may argue for heightened volatility around these elevated levels. For long‑term, income‑oriented investors, JNJ still looks like a low‑volatility compounder whose story increasingly depends on pipeline execution and legal outcomes rather than simple multiple expansion.

Again, this overview is not financial advice. Anyone considering buying or selling JNJ should do their own research and, ideally, consult a licensed financial adviser, especially given the legal complexities and valuation debate surrounding the stock.