Wolfe Research Boosts Merck Price Target to $180 After Positive Cancer Treatment Trial
Wolfe Research has raised its price target for Merck & Co. (NYSE:MRK) to $180 from $155, maintaining an Outperform rating following positive trial results for the company's cancer treatment combination.
The analyst expects earnings stability ahead of Keytruda's patent expiry in 2029 and projects that Merck's earnings will remain relatively flat in 2028 and 2029 at $8.89 and $8.79 per share, respectively.
Merck and partner Moderna (NASDAQ:MRNA) reported a positive outcome for INTerpath-001, a trial combining intismeran with Keytruda. Intismeran is administered intramuscularly, and Wolfe Research noted the Keytruda QLEX injection formulation could reduce patient burden when used in combination.