A major transaction occurred on December 26, 2023, when A/S Genmab, a significant shareholder of Merus N.V. (NASDAQ:MRUS), purchased 142,610 shares of the company’s stock. The shares were acquired at an average price of $97.00 each, bringing the total investment to $13,833,170.00. Following this acquisition, A/S Genmab now holds 72,828,509 shares in Merus, valued at approximately $7.06 billion. This transaction marks a 0.20% increase in their stake in the company.
The insider transaction was reported in a legal filing with the Securities and Exchange Commission (SEC), which mandates that large shareholders owning more than 10% of a company’s shares disclose their trading activities. A/S Genmab’s recent acquisition reflects its ongoing confidence in Merus’s potential.
Market Performance and Analyst Ratings
On the trading day following the acquisition, Merus shares fell by $6.92, closing at $90.00. The stock experienced a trading volume of 2,726,439 shares, significantly higher than its average volume of 1,265,370 shares. Over the past year, Merus’s stock has fluctuated between a low of $33.19 and a high of $97.14. The company’s market capitalization stands at $6.83 billion, with a price-to-earnings (P/E) ratio of -16.98 and a beta of 1.06.
Recent reports from various brokerages provide insights into the stock’s performance. On September 29, 2023, Wells Fargo & Company reiterated an “equal weight” rating while raising its target price for Merus to $97.00. Similarly, Guggenheim maintained a “neutral” rating, adjusting its price target down to $97.00 from $109.00. In contrast, Citigroup and UBS Group both downgraded their ratings from “buy” to “neutral,” with Citigroup lowering its price objective from $101.00 to $97.00, while UBS adjusted its target from $72.00 to $97.00.
Overall, the consensus rating among analysts on MarketBeat suggests a “Hold” position, with an average target price set at $93.56. The stock has received three “buy” ratings, fourteen “hold” ratings, and one “sell” rating.
About Merus N.V.
Merus N.V. is a clinical-stage immuno-oncology company dedicated to the discovery and development of bispecific antibody therapeutics for cancer treatment. Utilizing its proprietary Biclonics® platform, Merus engineers fully human bispecific antibodies designed to engage both immune cells and tumor targets simultaneously. The company aims to create innovative therapies with optimized potency, selectivity, and safety profiles. Currently, Merus has multiple Biclonics candidates in various stages of preclinical and clinical development.
This recent insider purchase by A/S Genmab underscores the ongoing developments within Merus, reflecting confidence in its strategic direction and potential in the competitive landscape of cancer therapy.
