Johnson & Johnson (JNJ) Stock Hits New High After the Bell on December 11, 2025

Johnson & Johnson (NYSE: JNJ) closed regular trading on Thursday, December 11, 2025 at $210.01, up about 1.7% on the day, marking a fresh 52‑week high before easing slightly in after‑hours trading around $209.25. ^[1]

That move capped a week of bullish Wall Street calls, powerful oncology data out of the ASH 2025 hematology meeting, and renewed focus on the company’s dealmaking and ongoing legal overhangs. Here’s what happened after the bell on December 11 – and what traders and longer‑term investors should watch heading into the December 12, 2025 U.S. market open.

How JNJ Traded on December 11, 2025

Regular session close (NYSE): about $210.01, up +1.68% on the day. ^[2]
After-hours quote (around 6:30 p.m. ET): roughly $209.25, down about 0.36% from the close, suggesting modest profit‑taking rather than a sharp reversal. ^[3]
52‑week range: roughly $140.68 – $210+, with the prior 1‑year high near $207.81, now overtaken by Thursday’s move. ^[4]

On a fundamentals basis, JNJ is trading as a classic mega‑cap defensive:

Market cap: about $500+ billion. ^[5]
Trailing P/E ratio: roughly 20x earnings, with a PEG ratio near 2.2 and a low beta around 0.36, underscoring its defensive profile. ^[6]
Dividend: quarterly $1.30 per share (annualized $5.20), for a yield around 2.5%, with a payout ratio near 50% and a long record of steady increases. ^[7]

Technically, MarketBeat notes JNJ’s 50‑day moving average near $195 and its 200‑day around $176, which means the stock is extended after a multi‑month grind higher. ^[8]

The Big Drivers on December 11, 2025

1. A Wave of Analyst Upgrades and Higher Price Targets

Thursday’s rally didn’t come out of nowhere. Several high‑profile firms have been ratcheting up their 12‑month targets on JNJ, with two fresh notes on December 11:

RBC Capital
- Reiterated “Outperform” on JNJ.
- Raised its price target from $209 to $230, a roughly 10% bump. ^[9]
- In a companion note titled “Johnson & Johnson Positioned for Growth on Multiple MedTech and Immunology Catalysts”, RBC argues JNJ is well‑placed for upside into 2026 thanks to a cluster of MedTech and immunology product launches and study readouts. ^[10]
Citigroup
- Raised its JNJ target to $232 from $215 and maintained a “Buy” rating. ^[11]
- Citi’s new target implies high‑single‑digit upside from current levels, even after Thursday’s rally.

These calls build on earlier December revisions:

HSBC recently lifted its JNJ target to $240 from $215, keeping a “Buy” stance. ^[12]
Guggenheim boosted its target to $227 from $206 on December 5, also with a Buy rating and an emphasis on growth potential. ^[13]
Barclays moved its target to $197 from $176 with an “Equal‑Weight” rating, reflecting a more neutral view after the run‑up. ^[14]

Consensus snapshot as of late December 11:

Around 25–28 analysts cover JNJ. ^[15]
The average 12‑month price target clusters around $204–206, with a range from about $170 on the low end to $240 at the high end. ^[16]
Both GuruFocus and MarketScreener classify the overall stance as “Outperform” / “Moderate Buy”, even though the current share price now sits slightly above that average target. ^[17]

In other words, Thursday’s move has pushed JNJ toward the upper half of the Street’s fair‑value range, but not beyond what the more bullish firms are modeling.

2. Breakthrough Multiple Myeloma Data and an Oncology‑Led Story

Much of the bullishness around JNJ right now is tied to hematology and oncology, with ASH 2025 (the American Society of Hematology annual meeting) providing a steady stream of catalysts.

TECVAYLI + DARZALEX FASPRO: A Potential New Standard in Relapsed/Refractory Myeloma

On December 9, Johnson & Johnson released new Phase 3 MajesTEC‑3 data showing that:

TECVAYLI® (teclistamab) plus DARZALEX FASPRO® (daratumumab and hyaluronidase‑fihj) delivered a statistically significant progression‑free survival and overall survival benefit versus standard regimens in relapsed/refractory multiple myeloma after three years of follow‑up. ^[18]
The combo has been granted Breakthrough Therapy Designation by the U.S. FDA, and JNJ has filed a supplemental Biologics License Application (sBLA) to move the regimen earlier in the treatment sequence (as early as second line). ^[19]

Independent analysis from Simply Wall St frames this as a meaningful shift in JNJ’s oncology narrative:

The TECVAYLI + DARZALEX FASPRO results, alongside strong follow‑up data for CARVYKTI® and new bladder‑cancer data, reinforce JNJ’s push into earlier‑line cancer care with complex but manageable safety profiles. ^[20]
The article notes that much of JNJ’s near‑term growth story now hinges on executing this oncology strategy, even as the company deals with patent and legal risks around older blockbusters like STELARA. ^[21]

External coverage from ASH 2025 and clinical‑trials outlets echoes that the TECVAYLI + DARZALEX combinations are “paradigm‑shifting” for early relapse multiple myeloma and could redefine standards of care if adopted broadly. ^[22]

Other Recent Pipeline Wins

December headlines also highlight a broader string of positive data and approvals:

RYBREVANT® (amivantamab‑vmjw) + LAZCLUZE® (lazertinib)
- In the Phase 3 MARIPOSA study in Asian patients with EGFR‑mutated non‑small cell lung cancer, the chemo‑free RYBREVANT + LAZCLUZE combo delivered a statistically significant and clinically meaningful overall survival benefit versus osimertinib, with median OS not yet reached and projected to exceed four years, more than a year longer than the comparator arm. ^[23]
INLEXZO™ (gemcitabine intravesical system)
- A recent JNJ press release plus clinical coverage show 74% disease‑free survival at one year in high‑risk, papillary‑only non–muscle‑invasive bladder cancer, and an independent urology report describes 6‑, 12‑ and 18‑month DFS rates of 85.3%, 74.3%, and 69.2%, respectively. ^[24]
IMAAVY® (nipocalimab) for generalized myasthenia gravis (gMG)
- On December 2, the European Commission approved IMAAVY as the first FcRn blocker for both adult and adolescent gMG patients (12+), with trial data showing rapid reductions in pathogenic IgG and up to 20 months of sustained disease control and symptom relief in studies. ^[25]

Collectively, these data points help explain why RBC’s note highlights “multiple MedTech and immunology catalysts” supporting upside into 2026 – and why oncology/hematology remains front and center in recent valuation work. ^[26]

3. A Transforming Portfolio and 2025’s Biggest Pharma Deal

An in‑depth PharmaVoice feature on “Pharma’s Top Deals in 2025” underscores how JNJ is reshaping itself via M&A:

In early January 2025, JNJ announced a $14.6 billion acquisition of Intra‑Cellular Therapies, the largest pharma deal of the year. ^[27]
The transaction deepens JNJ’s push into neuroscience and mental health, adding Caplyta (for depression and schizophrenia) to a portfolio already featuring Spravato, which achieved about $1.1 billion in sales in 2024. ^[28]
The article frames the deal as part of a broader “facelift,” with JNJ selling its consumer arm (via the Kenvue spinoff) and planning to sell its orthopedics unit, thereby tilting harder toward Innovative Medicine and high‑value MedTech. ^[29]

For investors, this is crucial context: between oncology breakthroughs, neuroscience M&A, and a trimming of lower‑growth legacy units, JNJ is doubling down on specialty pharma and devices rather than being a slow‑growth diversified conglomerate.

4. Institutional Flows and Insider/Political Activity

MarketBeat’s 13F‑based coverage on December 11 highlights strong institutional interest:

Investment House LLC increased its JNJ stake by 32.2% in Q2, adding 23,261 shares to reach 95,505 shares worth about $14.6 million at the time of filing. ^[30]
Other large holders, including Sei Investments, NewEdge Advisors, and the Investment Management Corp of Ontario, also grew positions, contributing to an overall institutional ownership figure near 69.55%. ^[31]

At the same time, The Manufacturers Life Insurance Company reported trimming its JNJ stake by about 7.6% (selling roughly 257,000 shares) while still owning more than 3.1 million shares valued around $478 million, suggesting portfolio rebalancing rather than an outright exit. ^[32]

On the political front, a MarketBeat note highlights that U.S. Representative Richard McCormick (R‑Georgia) disclosed purchasing between $1,001 and $15,000 of JNJ stock in early November as part of a broader portfolio of blue‑chip names. ^[33]

All told, the data show net institutional accumulation around a stock that still screens as a high‑quality dividend and defensive growth play – a profile that tends to hold up well if macro volatility increases.

5. Legal Overhangs: Talc and Beyond

The bullish pipeline story doesn’t erase JNJ’s legal risks, which remain material and are back in focus in December.

A detailed talcum‑powder litigation update from Sokolove Law, last refreshed on December 4, 2025, notes: ^[34]

Over 90,000 talc‑related claims have been filed against JNJ and other companies.
In March 2025, a bankruptcy judge rejected JNJ’s $8 billion settlement proposal to resolve talc ovarian‑cancer claims via a third bankruptcy strategy, sending cases back into the courts.
There have been several large verdicts in 2024–2025, including:
- About $966 million awarded by a Los Angeles jury in October 2025 in a mesothelioma case tied to JNJ talc.
- A $42.6 million verdict in Massachusetts (August 2025) and a $20 million verdict in Florida (November 2025) related to alleged asbestos‑contaminated talc.
U.S. federal agencies have opposed prior settlement proposals, and mediation for a wider resolution is ongoing, with no final global settlement yet in place.

Simply Wall St also flags ongoing STELARA antitrust and pricing litigation as a separate legal pillar investors should monitor, alongside patent‑expiry risk for that franchise. ^[35]

For shareholders, these cases primarily matter as a potential drag on valuation multiples and cash deployment, even as the underlying operating business performs strongly.

Fundamentals and Forecasts Heading Into December 12, 2025

Recent Earnings Snapshot

JNJ’s most recent reported quarter (Q3 2025):

Sales: about $24.0 billion, up mid‑single digits year on year. ^[36]
EPS: around $2.26 (GAAP) in MarketBeat’s summary, with high margins – net margin near 27% and return on equity above 30%. ^[37]

Forward Earnings and Valuation

Across MarketBeat, Yahoo Finance, and other estimate aggregators:

Current‑year EPS (2025) is generally modeled around $10.6–$10.9 per share, with 2026 estimates trending toward the $11.5 area. ^[38]
GuruFocus’ compilation of 27 analyst targets shows an average price target of about $204.36, with a high estimate of $240 and a low of $170. ^[39]
MarketScreener’s consensus is similar, with an average target near $206.04 and a formal consensus rating of “OUTPERFORM” from about 25 analysts. ^[40]

Given Thursday’s close around $210, JNJ is trading:

At roughly 19–20x current‑year earnings, in line with or modestly above its long‑term average. ^[41]
Slightly above some fair‑value models (GuruFocus’ one‑year “GF Value” sits near $191.53) but close to others (Simply Wall St’s narrative pegs fair value at about $202.54). ^[42]

That tension – strong fundamentals and pipeline momentum versus elevated valuation and legal risk – is central to how investors will frame JNJ into year‑end.

Macro Backdrop: Why Defensives Like JNJ Are in Focus

The broader U.S. macro environment also matters for a mega‑cap like JNJ:

Jobless claims just saw their largest weekly increase in about 4½ years, though economists attribute much of the spike to seasonal adjustment noise rather than a hard deterioration in the labor market. ^[43]
The Federal Reserve recently cut interest rates by 25 basis points, and Fed Chair Jerome Powell has publicly questioned whether official payroll statistics are overstating job growth by as much as 60,000 jobs per month, adding uncertainty to the economic data picture. ^[44]

In that context, a low‑beta, high‑quality, dividend‑paying healthcare name like JNJ can attract flows from investors seeking stability – especially when the company is delivering high‑profile drug data and pipeline news.

What to Watch Before the December 12, 2025 Market Open

While there is no JNJ‑specific scheduled event on Friday, several factors could shape how the stock trades in pre‑market and at the open:

1. Follow‑Through on Analyst Upgrades

Traders will watch whether buy‑side desks continue to react to RBC and Citi’s higher price targets and bullish commentary, or whether Thursday’s surge near a 52‑week high triggers short‑term profit‑taking instead. ^[45]
Because JNJ is already trading slightly above the average Street target, any fresh notes that either raise or trim targets could swing sentiment.

2. Additional ASH 2025 Headlines

ASH 2025 coverage on multiple myeloma, CARVYKTI follow‑ups, and other JNJ hematology assets will keep flowing over the next 24–48 hours. ^[46]
Investors will watch for any safety signals, competitor data, or pricing/access commentary that could impact expectations for TECVAYLI/DARZALEX combinations and other key oncology products.

3. Macro and Rate‑Sensitive Flows

With the Fed in rate‑cut mode and labor‑market data under scrutiny, any overnight macro headlines could shift risk appetite, affecting defensive sectors like healthcare. ^[47]
If futures point to a risk‑off open, JNJ could benefit from its defensive reputation; in a risk‑on tape, investors may rotate toward higher‑beta growth names, even if they still like JNJ long term.

4. Legal or Regulatory Developments

While nothing is scheduled for December 12, talc and STELARA‑related litigation remains an ever‑present headline risk. New verdicts, settlement leaks, or regulatory commentary could appear with little warning and would likely move the stock. ^[48]

5. Looking Slightly Further Ahead

Investors positioning on Friday may already be thinking about:

JNJ’s scheduled presentation at the 44th Annual J.P. Morgan Healthcare Conference on January 12, 2026, where management typically updates the Street on strategy, capital allocation and pipeline priorities. ^[49]
Potential regulatory decisions on oncology and immunology submissions (including TECVAYLI/DARZALEX and IMAAVY) and any updates on the planned orthopedics divestiture, which could further simplify the portfolio.

Bottom Line

After the bell on December 11, 2025, Johnson & Johnson sits at an interesting crossroads:

The stock is breaking to fresh 52‑week highs, supported by strong oncology and immunology data, a transformative neuroscience acquisition, and a wave of analyst upgrades and higher price targets. ^[50]
At the same time, JNJ faces ongoing talc and antitrust litigation, trades above some fair‑value estimates, and must prove that its oncology‑led growth story can offset looming patent and pricing pressures. ^[51]

For traders heading into the December 12 open, the key questions are:

Does Thursday’s surge mark the start of a new leg up as the Street reprices JNJ’s pipeline, or a short‑term exhaustion point near the top of its valuation band?
Will ASH 2025 and upcoming conference commentary cement Johnson & Johnson as one of the more compelling defensive growth names for 2026 – or will legal and pricing headlines reassert themselves?

References

Johnson & Johnson (JNJ) Stock Hits New High After the Bell on December 11, 2025 – What to Know Before the December 12 Open