Merck & Company Inc (NYSE: MRK) has been downgraded to “Hold” from “Buy” at TD Cowen, as the firm cited uncertainty surrounding Gardasil sales, a slowdown in business development and the potential loss of exclusivity for cancer drug Keytruda.
TD Cowen noted that Merck’s valuation would likely bottom out in 2026, or two years prior to the expiry of Keytruda’s US patent.
TD Cowen also revised down its 12-month price target on Merck & Company to $100 per share from $121 due to weaker growth visibility.
Stock Performance
The shares of Merck & Company Inc (MRK) closed 1.01% ($0.88) lower at $86.40 in New York on Monday.
The company’s total market cap now stands at $218.561 billion.
The shares of Merck & Company Inc (MRK) went down 8.75% in 2024, compared with a 23.30% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have lost another 13.15% so far this year.
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