Analyst Boosts Merus Price Target As AACR Updates Meaningfully De-Risk Its Head & Cancer Therapy

  • Needham raised the price target on Merus N.V. MRUS from $33 to $46 and maintained Buy rating.
  • The analyst says the increased price target reflects its confidence in petosemtamab (peto) following AACR updates.
  • In a Monday update at the AACR presentation, Peto showed a 37% overall response rate (ORR) in 43 evaluable patients.
  • Six months median duration of response as of Feb 1, 2023, data cutoff date.
  • Related Content: Merus' Petosemtamab Abstract Hits Upside Scenario For Overall Response Rate, Duration Of Response: Analyst.
  • Peto continues to look competitive, said the analyst, with a Median overall survival was 11.5 months in previously treated HNSCC patients. 
  • Management is exploring multiple possible development paths for Peto involving a randomized trial in 1L or 2L+, which could support accelerated approval on an ORR endpoint. 
  • At the investor call, management underscored the importance of ensuring Peto is best positioned for success. It noted that the single arm Peto + pembro study in 1L will inform the next steps. 
  • Price Action: MRUS shares are down 14.43% at $20.49 on the last check Tuesday.
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Posted In: Analyst ColorBiotechNewsHealth CarePrice TargetReiterationSmall CapAnalyst RatingsGeneralBriefsExpert Ideas
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