real-time news and commentary for investors
Tuesday, Oct 1
Goldman ups price target on Merck following restructuring, MK-3475 data
- Goldman's Jami Rubin is out with some positive commentary on Merck (MRK) following the company's announcement of a multibillion restructuring.
- "MRK described these moves as proactive although 2013 has clearly been a challenging year of patent cliffs and R&D setbacks," Rubin notes, updating her model to include the projected cost savings.
- Rubin also raises her numbers on MK-3475 and is now "more confident in efficacy across multiple tumor types." MRK released preliminary findings in NSCLC today: Preliminary objective response rate 24% irRC and 21% RECIST 1.1. (full release)
- Goldman's price target is hiked to $54 from $52. Hold rating reiterated.