Guggenheim Boosts Merck Price Target to $170 on Cancer Drug
Guggenheim raised its price target for Merck & Co. shares to $170 from $146, maintaining a Buy rating on the stock.
The firm increased sales estimates for intismeran autogene following positive topline data released by Merck and partner Moderna Inc. for the drug in the adjuvant treatment of patients with stage IIB-IV melanoma.
Guggenheim's market model suggests approximately $7 billion in probability-adjusted sales potential by 2035, with the companies set to equally split profits from the global collaboration.
The firm expects detailed data from the INTerpath-001 trial at the European Society of Medical Oncology Meeting in October and highlighted the potential for sacituzumab tirumotecan, estimating the drug can generate approximately $7 billion in sales by 2035.