Merck (NYSE:MRK) secured the U.S. Food and Drug Administration’s (FDA) approval for the expanded use of its cancer drug Keytruda in combination with chemoradiotherapy. The drug can now be used to treat patients with a particular type of advanced cervical cancer, FIGO 2014 Stage III-IV.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
The treatment’s approval is based on the data from a late-stage trial of 1,060 patients. The study revealed a statistically significant 41% reduction in the risk of cancer progression or death compared to treatment with chemoradiotherapy alone.
It is worth mentioning that Keytruda has already been approved for both combination and monotherapy treatments for two distinct forms of cervical cancer. The latest FDA nod marks the third approval for Keytruda for use in certain types of cervical cancer.
Is MRK a Good Stock to Buy?
By securing another approval for Keytruda, Merck further strengthens its oncology portfolio and addresses an unmet medical need for patients with a specific form of advanced cervical cancer. Interestingly, Keytruda has been a major revenue driver for MRK, with continued sales growth owing to the drug’s strong demand.
Of the 16 analysts covering Merck stock, 14 have a Buy rating and two have suggested a Hold in the past three months. Overall, the stock comes in as a Strong Buy. Meanwhile, the average MRK stock price target stands at $127.50, implying upside potential of 7.5%. Shares are up 14% over the past six months.
