2/5/2019, 2:09 PM (Source: TeleTrader)
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Chart for: MERCK KGAA O.N.

BoA names Merck best pharmaceutical stock

Bank of America (BoA) Merrill Lynch said on Tuesday it named pharmaceutical giant Merck & Co. the best pharma stock, CNBC reported. The company's cancer drug Keytruda generated revenue of $2 billion in the last quarter for the first time, pushing Merck shares up as investors' confidence increased. Meanwhile, Merck said earlier today, it started a strategic partnership with GlaxoSmithKline, valued at around €3.7 billion, in cancer treatment development.

"Merck looks well positioned to become the preferred PD1 agent in most major tumor markets, and we estimate upcoming data readouts in lung and renal cancer have the potential to add $4 billion in peak sales or 5 to 10 percent upside," BoA's Jason Gerberry said.

Following the news, Merck stock added 0.82% during premarket trading on Wall Street.

Breaking the News / SS