On June 24, Merck rose 3.03% in regular trading, trading at $118.97/share, with turnover of $438 million. Multiple positive developments converged to drive the stock higher.

On the clinical front, Merck announced that its investigational antibody Tulisokibart met the primary endpoint and all key secondary endpoints in the Phase 3 Atlas-UC induction study for patients with moderately to severely active ulcerative colitis, achieving clinical remission at 12 weeks with no safety issues identified. Additionally, Merck is reportedly in talks to acquire cancer drug developer Revolution Medicines for $28 billion to $32 billion, which would rank among the largest pharmaceutical M&A deals in recent years and help mitigate pressure from Keytruda patent expiration.

On the analyst side, Berenberg raised its target price on Merck from $115 to $125, while FactSet consensus among analysts shows an average target of $132.25 with an Overweight rating, suggesting further upside from current levels.

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