Merck's stock rises after Phase 3 trial announcement
Merck & Co Inc (MRK) saw a price increase of 3.00%, reaching a 52-week high. This movement occurs amid a broader market decline, with the Nasdaq-100 down 0.47% and the S&P 500 down 0.17%.
The stock's rise is attributed to the initiation of the KANDLELIT-007 Phase 3 clinical trial evaluating calderasib in combination with KEYTRUDA for treating KRAS G12C-mutant non-small cell lung cancer (NSCLC). This trial aims to enroll approximately 675 patients and reflects Merck's commitment to advancing lung cancer treatment options. The positive outlook from analysts, who upgraded the stock to overweight with a price target of $113.50, further supports investor confidence in the company's future performance.
This combination of a significant clinical trial announcement and an analyst upgrade has likely attracted more investor interest, positioning Merck favorably within the pharmaceutical sector despite the overall market's weakness.
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