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

Johnson & Johnson reached a $500 billion stock market valuation on Wednesday as investors keep raising their bets that the 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 0.4% to $207.56, closing above the half-trillion dollar mark for the first time ever. The stock is on a 13-session winning streak, J&J’s longest ever, and is up 9.9% in November, putting it on pace for its best month since April 2020.

Wall Street is becoming increasingly optimistic about the company’s plans ...