US lawmakers ask FBI for briefing on GenScript Biotech's links to China By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 31 2024
0mins
Source: Investing.com
- U.S. House Committee Concerns: The U.S. House of Representatives committee on China has requested a briefing from the FBI and intelligence community regarding GenScript Biotechnology Co and its subsidiaries to investigate potential influence by the Chinese Communist Party.
- Subsidiaries Under Scrutiny: Three subsidiaries mentioned in the letter are Bestzyme, Legend Biotech, and ProBio, raising concerns about intellectual property issues and enhancing China's biotech capabilities.
- Partnership with Johnson & Johnson: Drugmaker Legend collaborated with Johnson & Johnson to develop cancer cell therapy Carvykti, achieving significant sales and growth projections.
- Legislation Impact: A bill under consideration aims to limit business dealings with certain Chinese biotech companies, urging U.S. pharmaceutical and healthcare firms to reduce reliance on Chinese research and manufacturing.
- Concerns Raised: Lawmakers express worries about GenScript's role in gene synthesis services for U.S. entities, highlighting risks to American intellectual property and the advancement of China's biotech sector.
Analyst Views on JNJ
Wall Street analysts forecast JNJ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for JNJ is 218.50 USD with a low forecast of 190.00 USD and a high forecast of 240.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
20 Analyst Rating
13 Buy
7 Hold
0 Sell
Moderate Buy
Current: 218.490
Low
190.00
Averages
218.50
High
240.00
Current: 218.490
Low
190.00
Averages
218.50
High
240.00
About JNJ
Johnson & Johnson and its subsidiaries are engaged in the research and development, manufacture, and sale of a range of products in the healthcare field. The Company’s segments include Innovative Medicine and MedTech. The Innovative Medicine segment is focused on various therapeutic areas, including immunology, infectious diseases, neuroscience, oncology, pulmonary hypertension, cardiovascular and metabolism. Its products include REMICADE (infliximab), SIMPONI (golimumab), SIMPONI ARIA (golimumab), STELARA (ustekinumab), TREMFYA (guselkumab), EDURANT (rilpivirine), and INVEGA SUSTENNA/XEPLION (paliperidone palmitate). The MedTech segment includes a portfolio of products used in cardiovascular, orthopedics, surgery, and vision categories. The Cardiovascular portfolio includes electrophysiology products to treat heart rhythm disorders and circulatory restoration products (Shockwave) for the treatment of calcified coronary artery disease (CAD) and peripheral artery disease (PAD).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
