The company recently said it is working on a coronavirus vaccine, which could be ready for human testing in September of this year.
"The world is facing an urgent public health crisis and we are committed to doing our part to make a COVID-19 vaccine available and affordable globally as quickly as possible," said CEO Alex Gorsky. "As the world's largest healthcare company, we feel a deep responsibility to improve the health of people around the world every day."
The stock is down 10% year-to-date and hasn't been negatively impacted by the Coronavirus.
Here's what Jim Cramer's Action Alerts Plus Senior Portfolio Analyst Jeff Marks said regarding Johnson and Jonson shares:
"Alex Gorsky, he's already come out and pledged that they're going to develop this vaccine on a not-for-profit basis. , so you can't buy JNJ with the thinking that there's going to be some earnings tailwind in the future. But why you'd buy -- it proves that they are successful and it gives investors confidence in management's ability to develop a strong pipeline."
Here's what Mark Charest, Founder of AlphaCentric LifeSci Healthcare Fund, which owns the stock, said:
"We recently initiated our position on the pullback. The company traditionally trades at a multiple to the market and we found that on the pullback the valuation became very compelling.We are certainly looking to add if there's further dislocation."