Why Merck Shares Are Rising

Merck & Co., Inc. MRK shares are trading higher by 3.4% at $84.18 after SVB Leerink maintained an Outperform rating on the stock and raised its price target from $101 to $104.

Merck shares were trading higher Friday after the company, and Ridgeback, announced investigational oral antiviral molnupiravir reduced risk of hospitalization or death by roughly 50% versus placebo for patients with mild to moderate COVID-19 in Phase 3 interim analysis.

Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer and infections.

Merck has a 52-week high of $84.56 and a 52-week low of $68.29.