Johnson & Johnson (JNJ) said Wednesday its coronavirus vaccine was safe and effective in a midstage test — prompting JNJ stock to pop in after-hours trades.
XScientists tested the coronavirus vaccine in people ages 18-55. After a single shot, 90% of people showed neutralizing antibodies against Covid-19 at day 29. Every participant showed the same antibodies at day 57. Those antibodies stuck around through day 71 — the latest time point in the ongoing study.
In after-hours trading on the stock market today, JNJ stock jumped 1.2% near 159.70. Shares of JNJ stock ended the regular session down 0.2% at 157.89. This followed a report the company's coronavirus vaccine supply is two months behind schedule.
JNJ Stock Pops On Midstage Test
The midstage test is ongoing. Johnson & Johnson expects to have the results of testing in people ages 65 and older in late January.
Importantly, Johnson & Johnson says it will have Phase 3 test results for its coronavirus vaccine later this month. If the single-dose vaccine is safe and effective, the company plans to ask the Food and Drug Administration for emergency authorization.
This would allow J&J to follow Pfizer (PFE) with BioNTech (BNTX) and Moderna (MRNA) in launching a coronavirus vaccine in the U.S. Earlier in the day, Reuters reported J&J could potentially roll out its vaccine in March.
Is J&J Facing A Supply Issue?
First, it might face some supply constraints, however.
According to the New York Times, J&J planned to have 12 million doses ready by the end of February. But it has yet to produce Phase 3 test results, and holds no emergency authorization to distribute the vaccine.
"The pandemic shows no signs of slowing, and we, like everyone, are eager for more tools to help stop it," J&J said in a statement emailed to Investor's Business Daily. "At the same time, it is premature to get into the specifics of the supply of our vaccine candidate, as we do not yet have Phase 3 data, nor have we filed for or been granted Emergency Use Authorization."
JNJ Stock Dips On Supply Report
Johnson & Johnson agreed last August to supply the U.S. government with 100 million doses of its coronavirus vaccine for $1 billion. At the time, the company offered no production timeline. But the report suggested J&J agreed to supply 12 million doses by the end of February.
Shares of JNJ stock gained nearly 8% over the course of 2020 on enthusiasm for its vaccine.
Now, Johnson & Johnson reportedly expects to catch up by the end of April. Then, it plans to deliver north of 60 million doses.
The J&J coronavirus vaccine remains highly anticipated because it requires just one shot. It also sidesteps the same stringent cold-storage needs of drugs Pfizer and Moderna.
Coronavirus Vaccine In Progress
Johnson & Johnson says it's in discussions with regulators over authorization and validation of its manufacturing process.
"We have begun production of our vaccine candidate and are confident in our ability to meet our 2021 supply commitments signed with governments," the company said in its statement. "We expect to share more detail after some of these steps are achieved."
Shares of JNJ stock are currently in a buy zone after topping a buy point at 155.57 out of a flat base, according to MarketSmith.com.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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