UPDATE: Merck Upgraded by Morgan Stanley on Oncology Optimism
In a report released Monday, JP Morgan analyst David Risinger upgraded Merck (NYSE: MRK) from Underweight to Overweight with a price target of $60.
Risinger notes, "Mgmt is taking the right steps—cost cuts, R&D changes, and considering strategic action—to boost company's outlook." One of the driving catalysts that the report mentioned is MK-3475, an immuno-oncology candidate which Merck filed for approval a year earlier than expected.
MRK closed Friday at $51.98 and is currently up nearly 3% at the $53.37 level.
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