On August 25, Merck rose 3.06% in regular trading, trading at $155.27 per share with turnover of $845 million. The continued rally was driven by a wave of analyst upgrades following the historic success of its personalized mRNA cancer vaccine Phase III trial developed jointly with Moderna.
On August 19, Merck and Moderna announced that the INTerpath-001 Phase III trial of intismeran autogene combined with Keytruda met its primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival in patients with completely resected stage IIB-IV melanoma. Following the data release, Morgan Stanley upgraded Merck to Overweight from Equal-weight with a target price increase from $116 to $179. BMO raised its target from $142 to $170, while Daiwa upgraded to Outperform with a $143 target. The stock has now broken through its previous historical high, with the current price exceeding the analyst consensus target of $145.24. Merck and Moderna have indicated plans to engage with regulators regarding submission of the combination therapy.
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