Merck & Co., Inc. (NYSE: MRK) is suddenly back in the market’s spotlight.
On Monday, 24 November 2025, Merck’s share price surged to around $102, up roughly 4–4.5% on the day, after a bullish analyst upgrade collided with fresh regulatory and pipeline news around its flagship cancer drug Keytruda. [1]
At the same time, Merck released new hematology pipeline data heading into the ASH 2025 meeting, secured another FDA green light in bladder cancer, and drew attention for increased institutional buying — making MRK one of the most talked‑about big‑pharma stocks of the session. [2]
Here’s a full breakdown of today’s MRK stock move and all the major 24 November 2025 headlines investors need to know.
1. Merck Stock Today: Price Action and Key Metrics
As of late Monday trading:
- Share price: about $101.97
- Daily gain: roughly +4.2% versus Friday’s close near $97.76 [3]
- Day’s range:$97.80 – $102.32 [4]
- 52‑week range:$73.31 – $105.07 [5]
- Market capitalisation: roughly $250 billion [6]
- Trailing P/E: around 13–15x earnings, depending on the data source [7]
- Forward P/E: roughly 11x based on 2025 EPS estimates [8]
- Dividend yield: about 3.3–3.5%, with an annual dividend of $3.40 per share [9]
Technical traders are also taking notice. Schaeffer’s Research points out that MRK has jumped roughly 18% in November, is trading at its highest level since January, and now sits well above its 50‑ and 200‑day moving averages. Its 14‑day RSI near 93 puts the stock in textbook “overbought” territory, raising the odds of a near‑term pause or pullback even as the longer‑term story improves. [10]
2. Wells Fargo Upgrade Sparks a 4% Pop
The biggest catalyst today is a high‑profile upgrade from Wells Fargo.
What the upgrade says
- Rating: Upgraded from “Equal Weight” to “Overweight.” [11]
- New price target:$125, up from $90 — implying close to 25–30% upside from recent prices. [12]
Analysts at Wells Fargo are essentially telling clients that:
- They no longer see a “major cliff” when Keytruda eventually loses U.S. exclusivity.
- Merck’s business development deals plus its oncology and vaccines pipeline give them more confidence in post‑Keytruda growth. [13]
Schaeffers sums it up by noting that the Wells Fargo team specifically cited pipeline progress and M&A as reasons for the upgrade, and highlighted that MRK is breaking into positive territory for 2025 after lagging much of the year. [14]
How the stock is reacting
Short‑term sentiment is clearly bullish:
- MRK is up about 4% on the session, one of the day’s stronger moves in large‑cap pharma. [15]
- Options desks report unusually heavy call activity, with a 50‑day call/put ratio above 3 and near the top of its one‑year range. [16]
For long‑term investors, the key takeaway is that Wall Street is getting less pessimistic about the Keytruda patent cliff, while still viewing MRK as a defensive, dividend‑paying blue chip.
3. Fresh FDA Win: Keytruda & Keytruda SC in Bladder Cancer
Today’s regulatory news is the other major pillar of the bullish MRK narrative.
New U.S. approval in muscle‑invasive bladder cancer
Zacks/Nasdaq reports that the FDA has approved both IV Keytruda and the subcutaneous formulation (Keytruda SC / Keytruda QLEX) alongside Padcev (Pfizer/Astellas) for certain cisplatin‑ineligible muscle‑invasive bladder cancer (MIBC) patients. [17]
Key points from the underlying trial (KEYNOTE‑905/EV‑303):
- The Keytruda + Padcev + surgery regimen cut the risk of event‑free survival events by about 60% compared with surgery alone. [18]
- Overall survival also improved markedly, with about a 50% reduction in the risk of death versus surgery alone in this high‑risk group. [19]
The new approval:
- Extends Keytruda’s reach earlier in the bladder cancer treatment pathway, not just in advanced disease.
- Gives Merck dual IV and subcutaneous options in a setting where convenience and chair time matter for both patients and infusion centers. [20]
EU and U.S. momentum for Keytruda SC
Merck also recently secured European Commission approval for Keytruda SC across all adult indications in the EU, based on a trial showing comparable drug exposure and efficacy versus traditional IV dosing, with injection times measured in one to two minutes. [21]
Combined with an earlier FDA nod for the subcutaneous formulation in September, this makes Keytruda more convenient globally and helps defend its franchise as biosimilar pressure looms later in the decade. [22]
4. ASH 2025: Merck Shows Off Its Hematology Pipeline
Before the market opened, Merck issued a press release titled “Merck Data to be Presented at ASH 2025 Annual Meeting Showcase Continued Advancements in Hematology Pipeline and Novel Therapeutic Approaches.” [23]
From that release:
- Merck will present more than 20 data sets at the ASH 2025 meeting (Dec. 6–9, Orlando). [24]
- Highlights include first presentations for:
- MK‑1045, a CD19xCD3 T‑cell engager for certain leukemias and lymphomas.
- Bomedemstat, an LSD1 inhibitor being studied in polycythemia vera. [25]
- The company will also show new data on nemtabrutinib, a non‑covalent BTK inhibitor for B‑cell malignancies, demonstrating ongoing progress in chronic lymphocytic leukemia and related diseases. [26]
For MRK shareholders, ASH is a reminder that Merck’s future is not just Keytruda. The company is quietly building:
- A next‑generation immuno‑oncology portfolio, and
- A broader hematology pipeline that could help fill revenue gaps later in the 2030s.
5. Positive Kelun/Keytruda Data Adds To Oncology Tailwinds
Outside the U.S. market session, another piece of good news for Merck’s oncology ambitions hit today:
- Sichuan Kelun‑Biotech announced that its TROP2 antibody‑drug conjugate sacituzumab tirumotecan (sac‑TMT) combined with Keytruda (pembrolizumab)met the primary endpoint in a phase 3 trial for PD‑L1–positive advanced non‑small‑cell lung cancer (NSCLC). [27]
Earlier this month, Merck disclosed a funding and development agreement with Blackstone Life Sciences around sac‑TMT, noting that it is now being evaluated in 15 global phase 3 trials across six tumor types, including lung, breast and endometrial cancers. [28]
While today’s Kelun news doesn’t change Merck’s earnings overnight, it strengthens the long‑term oncology narrative that Wells Fargo and others are leaning on in their upgraded view of the stock.
6. Institutional Buying: Summit Global Stakes a Bigger Claim
Another headline from today: Summit Global Investments disclosed a significantly larger position in MRK.
According to MarketBeat’s coverage of the latest 13F filing: [29]
- Summit Global boosted its Merck stake by 75%, adding 66,743 shares to reach 155,750 shares in total.
- The position is now worth about $12.3 million and represents roughly 0.7% of the fund’s portfolio, making MRK its 19th‑largest holding.
- The article also notes that other institutional investors — including Ameritas Investment Partners, Global Retirement Partners, Waterloo Capital, and others — have been adding to MRK, and that around 76% of Merck’s float is institutionally owned. [30]
The same piece recaps Merck’s Q3 2025 beat:
- EPS: $2.58 vs. $2.36 expected, on
- Revenue: $17.28 billion vs. ~$17.0 billion consensus. [31]
It also confirms that the board increased the quarterly dividend from $0.81 to $0.85, taking the annual payout to $3.40 per share (about a 3.5% yield at current prices). [32]
This kind of steady institutional accumulation, combined with a rising dividend, is exactly the pattern many long‑term income and value investors look for in large‑cap pharma.
7. Q3 Earnings Context: Keytruda Up, Gardasil Down, Guidance Tightened
Merck’s third‑quarter results, reported on October 30, still form the fundamental backdrop for today’s move. [33]
From Merck and Reuters:
- Total Q3 revenue:$17.28 billion, up about 4% year over year and ahead of Wall Street’s ~$16.96 billion expectation. [34]
- Adjusted EPS:$2.58, beating the consensus estimate of roughly $2.35–$2.36 per share. [35]
- Keytruda sales: around $8.1 billion, +10% year over year, now over 47% of total company revenue. [36]
- Gardasil (HPV vaccine): revenue declined, largely due to weaker demand in China tied to consumer spending pressures, though the vaccine still delivered more than $1.7 billion in quarterly sales and exceeded expectations. [37]
- Full‑year 2025 guidance: revenue tightened to $64.5–$65.0 billion; earnings guidance reaffirmed at $8.93–$8.98 per share. [38]
The numbers highlight both the strength and concentration risk of Merck’s business:
- Keytruda is an extraordinary growth engine, but it now drives nearly half of company sales, making investors sensitive to any hint of future competition or pricing pressure. [39]
- Vaccines (including Gardasil) and other franchises are solid but currently playing more of a supporting role.
Today’s FDA approval, EU subcutaneous wins, and Kelun ADC progress are, in many ways, Merck’s answer to the perennial question: “What happens after Keytruda?”
8. Valuation Check: Is MRK Still Attractive After the Rally?
Even after today’s surge, MRK still trades at valuations that many analysts view as reasonable for a defensive blue chip:
- Trailing P/E: about 13–15x, depending on the data set. [40]
- Forward P/E: around 11x 2025 EPS guidance. [41]
- Dividend yield: roughly 3.3–3.5%, with recent dividend growth. [42]
- 52‑week high:$105.07, only a few percent above today’s price. [43]
- 1‑year share price change: roughly flat to slightly negative, even after the November run. [44]
Wells Fargo’s $125 target and the broader analyst average target around $107–108 suggest moderate upside from here, not a classic deep‑value setup. [45]
However:
- The low beta (~0.3) means MRK tends to swing less than the overall market, which appeals to risk‑averse investors. [46]
- The combination of a solid yield, pipeline progress, and new approvals makes today’s move look more like fundamental repricing than a purely speculative spike.
The caution flag is short‑term overbought technicals: that RSI near 93 is historically unsustainable, so even bullish investors should not be surprised by consolidation or a mild pullback after such a strong month. [47]
9. Other Notable Recent Developments
A few additional headlines from the past few days round out the picture:
- Mini‑tender warning: Merck issued a press release urging shareholders to reject a “mini‑tender” offer from Tutanota LLC, which is attempting to buy a small number of MRK shares at a price more than 24% below the stock’s level when the offer was announced and over 30% below the price on November 20. [48]
- Keytruda SC in Europe: The European Commission approval for subcutaneous Keytruda, valid across all 27 EU member states plus Iceland, Liechtenstein and Norway, further underscores Merck’s strategy of defending the Keytruda franchise via more convenient formulations. [49]
While these items aren’t driving today’s 4% move, they add to the overall risk‑reward profile that Wells Fargo and other analysts are now revisiting.
10. What Today’s News Means for MRK Investors
Taken together, the 24 November 2025 news flow paints a clear picture:
Bullish forces
- Analyst sentiment turning more positive, with a key Wall Street bank upgrading MRK and lifting its target to $125. [50]
- Regulatory momentum: new U.S. approval for Keytruda/Keytruda SC + Padcev in bladder cancer plus EU and U.S. approvals for Keytruda SC expand the franchise both clinically and operationally. [51]
- Pipeline visibility: ASH 2025 presentations and sac‑TMT/Kelun data show Merck is actively building life‑after‑Keytruda oncology assets. [52]
- Institutional buying & rising dividend: large investors adding shares and a higher quarterly payout reinforce MRK’s profile as a dividend‑growth defensive. [53]
Risks & caveats
- Keytruda concentration remains a structural risk: the drug is nearly half of Merck’s revenue, and patent expiries later this decade still matter, today’s approvals notwithstanding. [54]
- Short‑term overbought: the November rally and sky‑high RSI mean volatility in the next few weeks would be normal, even if the long‑term thesis is intact. [55]
- Macro and pricing pressures: like all big pharma, Merck faces potential U.S. drug‑pricing reforms and global reimbursement pressures that could cap pricing power. [56]
Who MRK may appeal to right now
- Income‑oriented investors looking for a 3%+ yield from a mega‑cap with ongoing dividend growth. [57]
- Defensive growth investors who want exposure to oncology and vaccines without paying nosebleed tech multiples. [58]
- Healthcare allocators seeking a diversified big‑pharma name benefiting from both pipeline catalysts and upside from sentiment shifts like today’s Wells Fargo call.
As always, investors should consider their own risk tolerance, time horizon, and existing sector exposure before acting on any single day’s news.
This article is for informational and news purposes only and does not constitute personalized investment advice or a recommendation to buy or sell any security. Always do your own research and consider consulting a licensed financial adviser.
References
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