Major shareholder A/S Genmab has significantly increased its stake in Merus N.V. (NASDAQ:MRUS) by purchasing 142,610 shares for a total of $13,833,170 on December 26, 2023. The shares were acquired at an average price of $97.00 each. Following this transaction, Genmab now holds a total of 72,828,509 shares in the company, which are valued at approximately $7.06 billion, representing a 0.20% increase in its position.
This acquisition has been officially disclosed through a filing with the U.S. Securities and Exchange Commission (SEC), as required for shareholders owning 10% or more of a company’s shares. Such disclosures are crucial for maintaining transparency and trust in the financial markets.
Market Reaction and Analyst Insights
On the day following the purchase, Merus shares experienced a decline of 7.1%, dropping $6.92 to reach $90.00 during midday trading. A total of 2,726,439 shares changed hands, significantly higher than the average trading volume of 1,265,370. Merus boasts a market capitalization of $6.83 billion, a price-to-earnings (P/E) ratio of -16.98, and a beta of 1.06. The stock’s fifty-day moving average stands at $95.87, while the 200-day moving average is noted at $77.50. Over the past year, Merus has seen a low of $33.19 and a high of $97.14.
In recent weeks, Merus has drawn attention from various financial analysts. Wells Fargo & Company reaffirmed an “equal weight” rating with a price target of $97.00, raised from a previous target of $95.00. Conversely, Leerink Partners downgraded the stock from a “strong-buy” to a “hold” rating on October 5, while Needham & Company LLC also reduced their rating from “buy” to “hold” with a target of $96.00. Citigroup similarly downgraded the stock from “buy” to “neutral,” adjusting their price target from $101.00 to $97.00. Barclays also maintained an “equal weight” rating but lowered their price objective from $112.00 to $97.00.
Overall, among investment analysts, three have rated Merus as a “buy,” fourteen have assigned a “hold” rating, and one has issued a “sell” rating. According to MarketBeat.com, the average rating for Merus stock is “hold,” with an average price target of $93.56.
About Merus N.V.
Merus N.V. is a clinical-stage immuno-oncology company dedicated to the discovery and development of bispecific antibody therapeutics aimed at treating cancer. Utilizing its unique Biclonics® platform, Merus engineers fully human bispecific antibodies designed to simultaneously engage immune cells and tumor targets. The company focuses on creating innovative therapies characterized by optimized potency, selectivity, and safety profiles. Its current pipeline includes multiple Biclonics candidates at various stages of preclinical and clinical development.
As the market continues to respond to developments surrounding Merus and A/S Genmab, stakeholders will be closely monitoring both stock performance and analyst recommendations in the coming weeks.
