Morgan Stanley (NYSE: MS) analysts downgraded shares of Johnson & Johnson (NYSE: JNJ) from “equal weight” to “overweight” citing lower pharmaceutical growth and fewer leverage opportunities.
Johnson & Johnson is engaged in the research and development, manufacture and sale of a range of products in the health care field. The Company operates in three business segments: Consumer, Pharmaceutical, and Medical Devices and Diagnostics. In July 2009, Johnson & Johnson completed the acquisition of Cougar Biotechnology, Inc. with approximately 95.9% interest in Cougar Biotechnology’s outstanding common stock. In September 2009, Elan Corporation, plc and Johnson & Johnson announced that JANSSEN Alzheimer Immunotherapy, a newly formed subsidiary of Johnson & Johnson, has completed the acquisition of substantially all of the assets and rights of Elan related to its Alzheimer`s Immunotherapy Program (AIP). In March 2010, Hypermarcas SA acquired 99.99% of Versoix Participacoes Ltda from the Company.
Shares of JNJ traded down 1.35% hitting $59.24 during mid-day trading on Tuesday.
