Merck (MRK)

Jun 22, 2022Trade Ideas

Pharmaceutical giant Merck (MRK) is gaining traction again.

After diving from $94 to $84, the MRK stock caught strong support, and is starting to push higher. In fact, if it can break above its 50-day moving average, it could test $90 a share. MRK is also over-extended on RSI, MACD, and Williams’ %R at the moment.

Helping, the US FDA just announced approval of the company’s supplemental Biologics Application that’s seeking approval for KEYTRUDA for the treatment of patients with stage IB, II, or IIIA non-small lung cancer following a complete surgical resection.

In addition, the company beat earnings expectations.

Sales for the first quarter came in at $15.9 billion – 50% higher year over year. It was also better than forecasts for $14.6 billion. Non-GAAP earnings came in at $2.13 – up 84% year over year, and was also above estimates for $1.83.

And, according to Barron’s, “The company narrowed its earnings guidance, saying it now expects full-year sales of between $56.9 billion and $58.1 billion, and non-GAAP earnings of between $7.24 and $7.36. The guidance is in-line with the FactSet consensus estimates for the full year of $57.2 billion in sales and earnings of $7.28 per share.”

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