J&J Nears $500 Billion Market Value Amid Record Streak of Gains

Johnson & Johnson’s stock market valuation is flirting with $500 billion as investors raise their bets that firm’s strategy to cope with eroding sales for its major psoriasis drug will pan out.

Shares of the pharmaceutical and medical devices manufacturer rose as much as 0.5% to $207.62 on Wednesday after climbing as high as $207.72 on Tuesday, both times briefly crossing the half-trillion dollar level before drifting back below, according to data compiled by Bloomberg.

If Wednesday’s gain holds, it will also mark a 13-session winning streak, J&J’s longest ever. The stock is up 9.6% in November, on pace ...