- Needham raised the price target on Merus N.V. (NASDAQ: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.
Truist Securities Downgrades Mid-America Apartment to Hold
Truist Securities analyst Michael Lewis downgrades Mid-America Apartment (NYSE:MAA) from Buy to Hold.
