Merus N.V. (MRUS) PT Raised to $84 at BMO Capital

BMO Capital analyst Etzer Darout raised the price target on Merus N.V. (NASDAQ: MRUS) to $84.00 (from $58.00) while maintaining a Outperform rating.

The analyst comments "We're updating our model following MRUS's pre-ASCO petosemtamab plus pembrolizumab combination update in 1L head and neck cancers (HNSCC) and increasing our probability of success (PoS) for the drug in 1L HNSCC. Our target of $84 assumes a risk-adjusted value of ~$3.6B for petosemtamab (65% PoS). We believe pembrolizumab comps in head and neck imply a $4.5-6B NPV for petosemtamab which compares to the ~$5.7B full-derisked NPV for petosemtamab in our model. We remain bullish on the peto opportunity in HNSCC and reiterate OP and MRUS as a top pick."

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