Stocks
Berenberg Lifts Merck Stock Price Target to $137 Amid Cancer Drug Optimism
Berenberg raised its price target for Merck & Co.'s (MRK) stock to $137 from $127, citing positive Phase 3 data for intismeran in melanoma and increased optimism for the drug in lung, bladder, and renal cancer.
The firm projects peak sales of $16 billion for intismeran. Merck shares have risen 40% year-to-date as positive pipeline news and deals have been factored into the stock price.
Berenberg views the current valuation as full, with a P/E ratio of 113.86 and fair value trading near its current price.