Merck Shares Reach Near-High as Analysts Lift Price Targets on Keytruda Success
Merck & Co.'s stock has reached its highest point in nearly a year as analysts upgrade their price targets following a Phase 3 trial success for an individualized mRNA vaccine used with Keytruda, a melanoma treatment.
The company's shares are trading at $149.25 on the New York Stock Exchange, just shy of its 52-week high of $153.50, and have gained over 40% year-to-date in European markets.
Analysts at several major brokerage houses, including one global investment bank and a Wall Street institution, have raised their price targets for Merck's shares to between $155 and $179, citing long-term growth expectations from the company's innovative portfolio.
The success of the individualized mRNA vaccine in combination with Keytruda has strengthened Merck's position in immuno-oncology and could lead to additional indications and revenue contributions in future reporting periods.