J&J Depression Drug Fails Mid-Stage Trial, Contineum Shares Tumble 11%
JNJ sits 52% above its 52-week low of $173.33 on light trading volume (0.1× avg).
Summary
An experimental depression drug developed by Johnson & Johnson with Contineum Therapeutics failed to meet the main goal of a mid-stage study, news that emerged late Monday. Contineum shares fell more than 11% on the failure, and J&J is the Dow's biggest loser in Tuesday trading. The setback adds to a mixed recent pipeline record for J&J, which has seen strong data in oncology but now faces a clinical miss in neuroscience. The failure is a modest negative for J&J given its diversified portfolio, but it removes a potential future growth driver and pressures sentiment in the near term.
At the time of this announcement, JNJ was trading at $263.07 on NYSE in the Life Sciences sector, with a market capitalization of approximately $634B. The 52-week trading range was $173.33 to $281.07. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.