UBS Reiterates Buy Rating on Merck (MRK)

UBS analyst Trung Huynh reiterated a Buy rating and $105.00 price target on Merck (NYSE: MRK).

The analyst commented, "Data from MRK’s P3 CORALreef program (Lipids, AddOn, and HeFH) are expected in the coming months and potentially could define a first-in-class and best-in-class oral PCSK9 (enlicitide decanoate). Similar to previous data presented from MRK’s P2 study, we and (from our conversations with the buyside) investors expect to see a comparable level of LDL-C reduction to injectable biologics (c.60%). We see a positive readout here as key to helping MRK turn sentiment, especially as the studies include both primary and secondary prevention patients and could support a broad label for the launch. We estimate large addressable opportunities for primary prevention (c.48m patients) and secondary prevention (c.7m patients) and see a base case of $5.0bn peak sales at 60% POS for enlicitide. We detail our expectations across several scenarios in our note."

For an analyst ratings summary and ratings history on Merck click here. For more ratings news on Merck click here.

Shares of Merck closed at $76.06 yesterday.

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