Merus initiated with a Buy at EF Hutton

EF Hutton analyst Tony Butler initiated coverage of Merus with a Buy rating and $35 price target. The company’s bispecific anticancer antibodies arising from its Biclonics platform are selected not because of target engagement but because of the functional ability of the antibody to eradicate tumor cells, Butler tells investors in a research note. To date, four antibodies arising from the Merus platform have elicited anticancer responses in a number of indications, he points out.