UPDATE: Merck Upgraded by Morgan Stanley on Oncology Optimism

In a report released Monday, JP Morgan analyst David Risinger upgraded

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.