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Merck shares maintain Outperform rating amid ongoing clinical trials

EditorNatashya Angelica
Published 05-06-2024, 12:22 am

On Tuesday, BMO Capital maintained its Outperform rating on Merck (NS:PROR) & Co. Inc. (NYSE:MRK), with a steady stock price target of $148.00. The firm's positive stance comes after Merck's recent investor event, which provided detailed insights into the company's oncology pipeline and ongoing clinical trials.

During the investor event, Merck showcased its range of assets and trials, particularly highlighting its advancements in the oncology sector. The company's efforts in developing treatments targeting KRAS G12C, TROP2 ADC, and DLL3 with T-cell engaging therapies were emphasized as areas of significant progress. These developments are still in the early stages but have shown potential clinical benefits.

Merck's strategy to expand its sacituzumab govitecan-hziy (sac-TMT) with nine late-phase studies was also a focal point at the event. The company's comprehensive plans in this area have bolstered confidence in its competitive stance within the oncology market.

The BMO Capital analyst noted that in previous years, there seemed to be substantial development happening behind the scenes at Merck. However, this year's American Society of Clinical Oncology (ASCO) meeting revealed the tangible clinical benefits of Merck's development plans, which are now becoming visible to investors.

Merck's focus on expanding its oncology portfolio through various innovative therapies and trials continues to be a key factor in BMO Capital's optimistic rating. The firm's reaffirmed stock price target of $148.00 reflects a positive outlook on Merck's stock performance based on the company's strategic initiatives and potential growth in the oncology segment.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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