Johnson & Johnson (NYSE:JNJ) is one of the best medical research stocks to buy according to hedge funds. Johnson & Johnson (NYSE:JNJ) announced 12-month pilot-phase data from the OMNY-AF study on February 6 at the 31st Annual AF Symposium in Boston, evaluating the investigational OMNYPULSE Platform for the treatment of symptomatic paroxysmal atrial fibrillation. It reported that the initial results for 12-month outcomes across the 30-patient pilot cohort reflect that investigators attained 100% acute procedural success with no procedure-associated adverse events, while 56.7% of cases were performed with zero fluoroscopy, and 90% of patients achieved primary effectiveness at 12 months.
In another development, RBC Capital raised the price target on Johnson & Johnson (NYSE:JNJ) to $255 from $240 on February 3, maintaining an Outperform rating on the shares. It further stated that it is unlikely for the key implications of the Daubert ruling to be undone. However, it added that the cases may drag on for years as Johnson & Johnson (NYSE:JNJ) litigates this case-by-case and year-by-year, maintaining a strong financial position by enhancing business fundamentals to help mitigate risks.
In another development, BofA lifted the price target on Johnson & Johnson (NYSE:JNJ) to $227 from $221 on January 30 while maintaining a Neutral rating on the shares. The firm told investors that the increased price target points towards a higher blended P/E multiple, which in turn assumes a raised MedTech multiple on a higher pharma multiple and higher organic growth, given a defensive premium.
Johnson & Johnson (NYSE:JNJ) develops, manufactures, and sells products in the healthcare field. The company operates through two segments: Innovative Medicine and MedTech. The Innovative Medicine segment focuses on various therapeutic areas, including oncology, infectious diseases, immunology, cardiovascular and metabolic diseases, and others. The MedTech segment includes an elaborate range of medical devices and products used in cardiovascular intervention, orthopedics, interventional solutions, surgery, and vision fields.
While we acknowledge the potential of JNJ to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than JNJ and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
