Merck (MRK) stock slips as RBC Capital Markets cuts on valuation while Morgan Stanley upgrades on trial data for Moderna (MRNA)-partnered cancer shot. Read more here.

Merck (MRK) stock surged 12.12% after positive Phase 3 melanoma trial results with Moderna showed improved survival rates for intismeran plus KEYTRUDA.

Investors had been pessimistic about the probability of success for the personalized cancer vaccine intismeran autogene, so the Phase 3 win was a welcome surprise.

A late-stage trial that combined a messenger ribonucleic acid (mRNA) shot jointly developed by Moderna (MRNA +130.82%) and Merck with Merck’s Keytruda yielded strong results in

MRK remains a defensive, yield-generating diversification play, but near-term upside appears constrained by valuation and expectations.

Among U.S. large-cap drugmakers, one name has clearly outrun the pack in 2026 so far. Merck (NYSE:MRK | MRK Price Prediction) leads, Amgen (NASDAQ:AMGN) sits second, and Pfizer (NYSE:PFE) trails as a distant third.

Merck, which makes the popular cancer treatment Keytruda, is poised to gain ground as its pipeline drugs get close to coming to market, per Morgan Stanley.

Oncology R&D organization Sarah Cannon Research Institute (SCRI) announced a collaboration with Merck & Co. to bolster patient access to community-based oncology trials. | Oncology R&D organization Sarah Cannon Research Institute (SCRI) announced a collaboration with Merck & Co.