Berenberg Boosts Merck Price Target to $137 on Intismeran Data

Berenberg has raised its price target for Merck & Co. to $137 from $127, citing positive Phase 3 data for its cancer drug intismeran. The firm's analysts believe that this new information increases optimism for the drug in lung, bladder, and renal cancer.

Berenberg projects peak sales of $16 billion for intismeran, with a net present value estimate increased by $12 billion compared to the previous estimate.

The stock has delivered an impressive 75.6% return over the past year, trading at $144.71 with a market capitalization of $357 billion. However, Berenberg views the current valuation as full, and shares are trading near their Fair Value according to InvestingPro analysis.

In related news, several other firms have updated their stock ratings for Merck & Co. Guggenheim raised its price target to $170 with a Buy rating, while Wolfe Research increased its price target to $180 with an Outperform rating. UBS downgraded the stock to a neutral rating from buy, citing the current valuation and recent performance.