** Drug and devices maker Johnson & Johnson JNJ.N falls 2.7% to $161.41 premarket

** U.S. bankruptcy judge rejects JNJ's $10 billion proposal to end tens of thousands of lawsuits alleging that its baby powder and other talc products cause ovarian cancer

** This is the third time co's bankruptcy strategy has failed in court

** J&J has been attempting to resolve the lawsuits through subsidiary company's bankruptcy, after two previous bankruptcy attempts failed in other courts

** Leerink Partners says since the bankruptcy plan was dismissed, claimants can continue to proceed with individual trials against co

** Stock gains 14.7% this year, as of last close

(Reporting by Christy Santhosh)

((Christy.Santhosh@thomsonreuters.com))