Stocks
Merck Price Target Soars to $170 on Strong Cancer Treatment Results
Guggenheim raised its price target for Merck & Co. (MRK) shares to $170 from $146, maintaining a Buy rating on the stock.
The firm increased its sales estimates for intismeran autogene following positive topline data from Merck and partner Moderna Inc.'s (MODN) Phase 3 INTerpath-001 trial 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.