Merck & Co. (NYSE: MRK) shares reached an all-time high of $153.53 on Friday, extending a 74.34% gain over the past 12 months.
The milestone follows positive results from the Phase 3 INTerpath-001 trial, conducted in partnership with Moderna. The study met its primary and key secondary endpoints in treating Stage IIB-IV melanoma, marking the first positive Phase 3 outcome for an mRNA-based cancer therapy. The trial’s success contributed to a record close for the Nasdaq biotech index.
Analysts offered divergent views on Merck’s valuation. Guggenheim maintained a Buy rating with a $146 price target, while UBS downgraded Merck to Neutral with a $150 target, citing stretched valuation after recent gains. Separately, Morgan Stanley raised Moderna’s price target to $89, and William Blair upgraded Moderna to Outperform from Market Perform.
Merck’s shares have outperformed broader benchmarks amid growing investor confidence in its oncology pipeline and strategic collaborations.
