Citi Upgrades Merus N.V. (MRUS) to Buy

Citi upgraded Merus N.V. (NASDAQ: MRUS) from Neutral to Buy with a price target of $26.00 (from $19.00), citing transformational Incyte deal.

Analyst Yigal Nochomovitz notes highlights of the deal are: 1) platform-based agreement for Merus' bispecific antibodies involving up to 11 preclinical programs (excludes clinical assets MCLA-128, MCLA-117) and 2) cash payment ($120M upfront and $80M equity investment at $25/shr). He said the deal roughly quadruples Merus' current cash of ~$70M to fuel the R&D engine.

For an analyst ratings summary and ratings history on Merus N.V. click here. For more ratings news on Merus N.V. click here.

Shares of Merus N.V. closed at $20.22 yesterday.

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