On Monday, Needham, an investment firm, adjusted its price target for Merus N.V. (NASDAQ:MRUS), a clinical-stage oncology company, to $85.00 from the previous target of $92.00. Despite the reduction, Needham maintains a Buy rating on the company's stock.
The adjustment followed Merus's recent earnings report, which was described as uneventful. The new price target reflects changes in Needham's financial model for Merus, taking into account the company's latest quarterly performance and a recent capital raise.
Needham's outlook for Merus remains positive, with anticipation for upcoming clinical developments. Later this year, Merus is expected to provide a clinical update from its Phase 2 study of peto monotherapy in second-line or later treatment for head and neck squamous cell carcinoma (HNSCC). Additionally, the initiation of a registrational trial for peto in first-line HNSCC is projected by the end of 2024.
The investment firm's report highlights the key milestones ahead for Merus as they continue to advance their clinical programs. The focus on the company's progress with peto monotherapy trials underscores the potential impact on Merus's future performance and valuation.
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