Merck & Co. Inc. (NYSE:MRK) shares are in focus Monday after a wave of analyst activity capped by a new FDA approval for its cancer drug Keytruda.
- Merck stock is trading near recent highs. What’s the outlook for MRK shares?
Analyst Consensus and Recent Actions
The stock carries a Buy rating with an average price target of $133.86. Recent analyst moves include:
- Morgan Stanley: Equal-Weight (Raises Target to $113.00) (July 9)
- RBC Capital: Outperform (Maintains Target to $142.00) (July 8)
- Wells Fargo: Overweight (Raises Target to $150.00) (July 8)
The FDA Approval
The week culminated Friday when the U.S. Food and Drug Administration (FDA) approved KEYTRUDA and KEYTRUDA QLEX, Merck’s anti-PD-1 therapies, each in combination with Padcev, as treatment before and after surgery for adults with muscle-invasive bladder cancer.
The approval expands Keytruda’s already dominant position in the immuno-oncology landscape and adds another indication to the drug’s broad label, which already spans multiple cancer types.
Merk Shares Edge Higher
MRK Price Action: At the time of publication, Merck shares are trading 0.11% higher at $123.68, according to data from Benzinga Pro.
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