Dow Stock Eyes Key Trendline After Guidance Update

Options traders are quite bullish on JNJ despite lackluster performance in 2023

Digital Content Manager
Dec 5, 2023 at 9:15 AM
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Johnson & Johnson (NYSE:JNJ) is in focus this morning, after the pharma giant offered up its guidance for 2024 and beyond. The company is counting on strong demand for its cancer treatments Darzalex and Carvykti, as well as sales of psoriasis drug Stelara, to bolster revenue growth between 5-6% in 2024. The Dow member has been favoring its drugs and medical devices business as it shifts focus away from its consumer health unit.

JNJ is off by 0.3% before the open, but yesterday settled at its highest level since Sept. 25. The equity has added 9.4% off its Oct. 27 three-year low of $144.95, but the bounce has now run into resistance at its 200-day moving average. Year-to-date, JNJ is down 10.1%, another potential hurdle to keep an eye on.

Options traders are overwhelmingly bullish on Johnson & Johnson stock. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), JNJ's 50-day call/put volume ratio of 2.59 is higher than al readings from the past year. This means calls have been picked up at a much quicker-than-usual rate.

It's also worth noting that the equity has tended to exceed these volatility expectations on an annual basis, per its elevated Schaeffer's Volatility Scorecard (SVS) of 97 out of 100. 

 

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