U.S. Markets open in 1 min

Today's Research Reports on Stocks to Watch: Johnson & Johnson and Avid Bioservices

NEW YORK, NY / ACCESSWIRE / July 18, 2018 / Johnson & Johnson saw a pop after announcing second quarter results and vowing to appeal a court order last week that ordered the company to pay a whopping $4.69 billion to nearly two dozen women who alleged the company's talc products contained asbestos and caused them to develop ovarian cancer. Shares of Avid Bioservices also saw big gains after announcing a new CFO.

RDI Initiates Coverage on:

Johnson & Johnson
https://rdinvesting.com/news/?ticker=JNJ

Avid Bioservices, Inc.
https://rdinvesting.com/news/?ticker=CDMO

Johnson & Johnson shares saw a gain of 3.54% by the close on Tuesday on trading volume nearly double compared to usual. The pharma giant had several developments going on. Eusa, a British pharmaceutical company is closing in on a deal with J&J over a treatment for a rare disease of the lymph nodes according to Bloomberg. The deal could have the treatment valued at over $100 million. Johnson & Johnson also reported second quarter results that revealed results that beat street's expectations. Adjusted earnings and Revenue were reported at $2.1 per share and $20.8 billion respectively. Analysts were expecting EPS of $2.07 on Revenue of $20.39 billion. During the earnings call, J&J also vowed that it would fight a Missouri state court judgment from last week that ordered the company to pay $4.69 billion in a class action lawsuit. The lawsuit alleged that Johnson & Johnson's talc-based baby powder products contained asbestos and caused them to develop ovarian cancer. CEO and chairman Alex Gorsky stated, "As you know our baby powder is a trusted product that we have sold to families for over 100 years, and Johnson & Johnson is deeply disappointed in this verdict. We remain confident that our products do not contain asbestos and do not cause ovarian cancer. We intend to pursue all available appellate remedies."

Access RDI's Johnson & Johnson Research Report at:
https://rdinvesting.com/news/?ticker=JNJ

Avid Bioservices, Inc. shares closed up a little over 23% on Tuesday with nearly 6.5 million shares traded. It was yesterday that the contract development and manufacturing organization (CDMO)announced the appointment of Daniel Hart as chief financial officer (CFO). As CFO, Hart will be responsible for overseeing and managing the company's accounting and finance responsibilities. The company also appointed Michael Faughnan as the company's senior director of business development for the western region. CEO and President, Roger Lias, Ph.D., remarked, "With Dan joining our team, we have added a talented and experienced individual with all the critical skills required for stewarding the financial activities of a growing public company. As we continue to aggressively focus our efforts on growing and diversifying our client base, Dan's expertise in executing financial strategies that positively impact bottom-line results will prove valuable. We are also pleased to bring Mike on board to oversee our business development efforts in the western portion of the country and Canada. He will team with Sandra Carbonneau, our recently appointed director of business development for the east coast, to drive our comprehensive, nationwide new business acquisition effort."

Access RDI's Avid Bioservices, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=CDMO

Our Actionable Research on Johnson & Johnson (NYSE: JNJ) and Avid Bioservices, Inc. (NASDAQ: CDMO) can be downloaded free of charge at Research Driven Investing.

Research Driven Investing

We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.

RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.

Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker-dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

CONTACT

For any questions, inquiries, or comments reach out to us directly at:

Address:

Email:

contact@rdinvesting.com

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: RDInvesting.com