Why Is Merck (MRK) Stock Soaring Today?

Merck (NYSE:MRK) stock moves around the pharmaceutical company on Thursday got an update from the FDA regarding Keytruda.

Keytruda is Merck’s anti-PD-1 drug. In the latest update, the FDA accepted a new Supplemental Biologics License (sBLA) for Keytruda. Specifically, it covers the use of treatment in combination with chemotherapy containing fluoropyrimidine and platinum.

dr. Scot Ebbinghaus, vice president of global clinical development at Merck Research Laboratories, had the following to say about the news.

“We are committed to working closely with the FDA to bring KEYTRUDA to more gastric and gastroesophageal junction cancer patients who need additional treatment options that could help them live longer.”

That’s not the only latest Merck news traders need to know about on Thursday!

MRK stock upgrade

Analysts at Citigroup also upgraded MRK shares today. That pushed the stock up by “neutral” rating to “buy” rating.. For comparison, analyst consensus rating is a “moderate buy” based on 22 reviews.

Accordingly, Citigroup also raised its price target on MRK stock from $105 per share to $130 per share. This represents a potential upside of 14.3% from yesterday’s close. It is also above analysts’ consensus price target of $120.65 per share.

Shares of MRK are up slightly since Thursday morning.

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On the date of publication by William White did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are the subject of InvestorPlace.com Publishing Guidelines.