Merck & Co Option Alert: Jun 20 $77 Puts at the Ask: 2500 vs 0 OI

Merck & Co Option Alert: Jun 20 $77 Puts at the Ask: 2500 @ $3.5 vs 0 OI; Ref=$77.015

Merck & Co Option Alert: Jun, 2026 $90 Calls at the Bid: 2000 vs 236 OI

Merck & Co Option Alert: Jun, 2026 $90 Calls at the Bid: 2000 @ $4.9 vs 236 OI; Ref=$74.67

Merck & Co Option Alert: Jun, 2027 $80 Calls Sweep (58) near the Ask: 695 vs 19081 OI

Merck & Co Option Alert: Jun, 2027 $80 Calls Sweep (58) near the Ask: 695 @ $10.45 vs 19081 OI; Ref=$74.26

Merck & Co (NYSE:MRK) Azioni

MERCK & CO. INC.

Merck & Co

Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform is growing as a major contributor to overall sales. The company also has a substantial vaccine business, with treatments to prevent pediatric diseases as well as human papillomavirus, or HPV. Additionally, Merck sells animal health-related drugs. From a geographical perspective, just under half of the company's sales are generated in the United States.

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Merck & Co Inc

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MARKY CORP by MARKY CORP.

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a<a href="https://www.benzinga.com/yield-investments"> high dividend payout</a>.
Benzinga readers can review the latest analyst takes on their favorite stocks by visiting <a href="https://www.benzinga.com/analyst-stock-ratings">Analyst Stock Ratings</a> page. Traders can sort through Benzinga's extensive database of analyst ratings, including <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">by analyst accuracy</a>.
Below are the ratings of the most accurate analysts for three high-yielding stocks in the health care sector.
<h3 class="wp-block-heading">Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>)</h3>
<ul class="wp-block-list">
<li>Dividend Yield: 7.47%</li>
<li>UBS analyst Trung Huynh maintained a Neutral rating and raised the price target from $24 to $25 on April 30, 2025. This analyst has an accuracy rate of 67%.</li>
<li>Guggenheim analyst Vamil Divan reiterated a Buy rating on March 18, 2025. This analyst has an accuracy rate of 72%.</li>
<li>Recent News: Pfizer announced Monday it has secured exclusive global rights, excluding China, to 3SBio Inc.'s bispecific antibody SSGJ-707 in a deal potentially worth up to $6 billion.</li>
<li>Benzinga Pro&#8217;s real-time newsfeed alerted to latest PFE <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0522">news</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0522"><img loading="lazy" decoding="async" width="891" height="832" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22050725/image-280.png" alt="" class="wp-image-924044" style="width:531px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22050725/image-280.png 891w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22050725/image-280-300x280.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22050725/image-280-768x717.png 768w" sizes="(max-width: 891px) 100vw, 891px" /></a></figure>
<h3 class="wp-block-heading">Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)</h3>
<ul class="wp-block-list">
<li>Dividend Yield: 4.21%</li>
<li>Citigroup analyst Andrew Baum downgraded the stock from Buy to Neutral and cut the price target from $115 to $84 on May 14, 2025. This analyst has an accuracy rate of 69%.</li>
<li>Guggenheim analyst Vamil Divan reiterated a Buy rating with a price target of $115 on April 17, 2025. This analyst has an accuracy rate of 72%.</li>
<li>Recent News: On May 19, Merck and Daiichi Sankyo started Phase 3 trial for Esophageal Cancer Drug.</li>
<li>Benzinga Pro's real-time newsfeed alerted to latest MRK <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0522">news </a></li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0522"><img loading="lazy" decoding="async" width="900" height="827" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22050803/image-281.png" alt="" class="wp-image-924046" style="width:545px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22050803/image-281.png 900w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22050803/image-281-300x276.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22050803/image-281-768x706.png 768w" sizes="(max-width: 900px) 100vw, 900px" /></a></figure>
<h3 class="wp-block-heading">DENTSPLY SIRONA Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XRAY#NASDAQ">XRAY</a>)</h3>
<ul class="wp-block-list">
<li>Dividend Yield: 4.04%</li>
<li>UBS analyst Kevin Caliendo maintained a Buy rating and cut the price target from $27 to $25 on May 9, 2025. This analyst has an accuracy rate of 71%.</li>
<li>Mizuho analyst Steven Valiquette maintained a Neutral rating and slashed the price target from $21 to $18 on March 13, 2025. This analyst has an accuracy rate of 61%.</li>
<li>Recent News: On May 8, DENTSPLY SIRONA reported better-than-expected first-quarter financial results and raised its FY25 sales guidance above estimates.</li>
<li>Benzinga Pro&#8217;s real-time newsfeed alerted to latest <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0522">XRAY news</a> </li>
</ul>
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Photo via Shutterstock

Wall Street's Most Accurate Analysts Give Their Take On 3 Health Care Stocks Delivering High-Dividend Yields

Investors with a lot of money to spend have taken a bullish stance on Merck &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with MRK, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://www.benzinga.com/pro/">Benzinga</a>'s options scanner spotted 33 uncommon options trades for Merck &amp; Co.
This isn't normal.
The overall sentiment of these big-money traders is split between 42% bullish and 33%, bearish.
Out of all of the special options we uncovered, 9 are puts, for a total amount of $753,544, and 24 are calls, for a total amount of $1,133,972.
<h3>Projected Price Targets</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $65.0 to $100.0 for Merck &amp; Co over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Merck &amp; Co's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Merck &amp; Co's whale activity within a strike price range from $65.0 to $100.0 in the last 30 days. 
<h3>Merck &amp; Co Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1747771253_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>MRK</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/18/26</td>
<td>$7.2</td>
<td>$7.05</td>
<td>$7.05</td>
<td>$70.00</td>
<td>$352.5K</td>
<td>811</td>
<td align="right">501</td>
</tr>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>03/20/26</td>
<td>$9.15</td>
<td>$9.05</td>
<td>$9.05</td>
<td>$80.00</td>
<td>$135.7K</td>
<td>2.3K</td>
<td align="right">259</td>
</tr>
<tr>
<td>MRK</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/17/27</td>
<td>$27.3</td>
<td>$26.5</td>
<td>$27.04</td>
<td>$100.00</td>
<td>$108.1K</td>
<td>116</td>
<td align="right">41</td>
</tr>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>05/23/25</td>
<td>$2.79</td>
<td>$2.71</td>
<td>$2.79</td>
<td>$76.00</td>
<td>$97.6K</td>
<td>1.0K</td>
<td align="right">399</td>
</tr>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>06/18/26</td>
<td>$10.0</td>
<td>$9.9</td>
<td>$9.95</td>
<td>$80.00</td>
<td>$89.5K</td>
<td>2.0K</td>
<td align="right">216</td>
</tr>
</tbody>
</table>

<h3>About Merck &amp; Co</h3>
Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform is growing as a major contributor to overall sales. The company also has a substantial vaccine business, with treatments to prevent pediatric diseases as well as human papillomavirus, or HPV. Additionally, Merck sells animal health-related drugs. From a geographical perspective, just under half of the company's sales are generated in the United States.
<h3>Present Market Standing of Merck &amp; Co</h3>
<ul>
<li>With a volume of 10,575,757, the price of MRK is up 0.86% at $77.89. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 70 days.</li>
</ul>
<h3>What Analysts Are Saying About Merck &amp; Co</h3>
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $84.5.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage">Click here for access</a>. 
&#x2A; In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Neutral, setting a price target of $85. 
&#x2A; Reflecting concerns, an analyst from Citigroup lowers its rating to Neutral with a new price target of $84.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Merck &amp; Co, <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Spotlight on Merck & Co: Analyzing the Surge in Options Activity

The first patient has been dosed in the <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fprotect.checkpoint.com%2Fv2%2F___https%3A%2Fclinicaltrials.gov%2Fstudy%2FNCT06644781___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOjFkMTM1YWM5MjVkNWYzYjg2ZjdlODcyMzU3NjQyZDFlOjY6M2ViZjowMDZkMDFhOGQzNWFmMDc0ODg5YjgzYWIyZmRkZTQ5YWFkMDFkZDQzMmI1YjAzMTQ1YWY0YjA0Y2Q3NGEzMWJjOnA6RjpG&amp;esheet=54256059&amp;newsitemid=20250519791895&amp;lan=en-US&amp;anchor=IDeate-Esophageal01&amp;index=1&amp;md5=beac5e6dfd267a577c19dcc79fd1e109">IDeate-Esophageal01</a> phase 3 trial evaluating the efficacy and safety of investigational ifinatamab deruxtecan (I-DXd) versus investigator's choice of chemotherapy in patients with unresectable advanced or metastatic esophageal squamous cell carcinoma (ESCC) with disease progression following treatment with a platinum-containing systemic therapy and an immune checkpoint inhibitor.
Ifinatamab deruxtecan is a specifically engineered, potential first-in-class B7-H3 directed DXd antibody drug conjugate (ADC) discovered by Daiichi Sankyo (TSE: 4568) and being jointly developed with Merck (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), known as MSD outside of the United States and Canada.
ESCC accounts for nearly 90% of esophageal cancers globally with a five-year overall survival rate around 15% to 20% and has a worse prognosis for those diagnosed at an advanced stage of the disease.1,2 While the evolved landscape in the first-line metastatic setting of ESCC has helped to improve outcomes for patients, treatment options are limited for patients progressing after first-line therapy, reinforcing the need for new approaches.
"Patients with metastatic esophageal squamous cell carcinoma continue to experience poor outcomes despite currently available treatments," said Mark Rutstein, MD, Head, Therapeutic Area Oncology Development, Daiichi Sankyo. "The encouraging clinical activity seen in our early-phase signal finding trial supports further evaluation of ifinatamab deruxtecan as a potential treatment strategy for these patients."
"Advanced esophageal squamous cell carcinoma is a difficult-to-treat disease, and unfortunately overall survival remains low," said Marjorie Green, MD, Senior Vice President and Head of Oncology, Global Clinical Development, Merck Research Laboratories. "The initiation of the pivotal phase 3 IDeate-Esophageal01 clinical trial demonstrates our shared commitment with Daiichi Sankyo to further expand our clinical development program evaluating this potentially first-in-class ADC across multiple solid tumors where there are unmet needs for new treatment options."
The initiation of IDeate-Esophageal01 is based on results from the <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fprotect.checkpoint.com%2Fv2%2F___https%3A%2Fclinicaltrials.gov%2Fstudy%2FNCT04145622___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOjFkMTM1YWM5MjVkNWYzYjg2ZjdlODcyMzU3NjQyZDFlOjY6NjM4ZjpiODk0NTg2MGVhN2YzZTY1MTFkOGFlZGI0MmI0MDQ0YzI4MWVhOTkxNzg0Y2UxMWYwM2FjNmIxNjkwZGFiODkzOnA6RjpG&amp;esheet=54256059&amp;newsitemid=20250519791895&amp;lan=en-US&amp;anchor=IDeate-PanTumor01&amp;index=2&amp;md5=170677f283830eb0039a5a2887c2bff8">IDeate-PanTumor01</a> phase 1/2 trial <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fprotect.checkpoint.com%2Fv2%2F___https%3A%2Fdaiichisankyo.us%2Fpress-releases%2F-%2Farticle%2Fds-7300-continues-to-show-promising-durable-response-in-patients-with-several-types-of-advanced-cancer___.YzJ1OndlY29tbXVuaWNhdGlvbnM6YzpvOjc1OWRlYTEwYzE2NjZjZjg0MjNjZjgxODFhZmUwMDA3OjY6NGJmZjo5MWI5NDdjZjFhYmQ1Mzk4ZDcxZmFhNjUxMWY1YTI4M2NmZWYyNzU0MjM1MTU2MGViZGU2Zjc5NDQ1OTdjYWYzOnA6RjpG&amp;esheet=54256059&amp;newsitemid=20250519791895&amp;lan=en-US&amp;anchor=presented&amp;index=3&amp;md5=70e3fe4c16d72f1b6572a7c9a10e045f">presented</a> at both the 2022 and 2023 European Society of Medical Oncology (ESMO) where ifinatamab deruxtecan showed promising responses in heavily pretreated patients with ESCC.

Merck and Daiichi Sankyo Begin Phase 3 Trial for Esophageal Cancer Drug

<a href="https://www.fda.gov/news-events/press-announcements/fda-clears-first-blood-test-used-diagnosing-alzheimers-disease#:~:text=The%20Lumipulse%20G%20pTau217%2F%C3%9F,and%20symptoms%20of%20the%20disease">https://www.fda.gov/news-events/press-announcements/fda-clears-first-blood-test-used-diagnosing-alzheimers-disease#:~:text=The%20Lumipulse%20G%20pTau217%2F%C3%9F,and%20symptoms%20of%20the%20disease</a>.

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Preliminary results from a pooled analysis of clinical trial data evaluating the long-term safety and favorable benefit-risk profile of WINREVAIR&#x2122; to be featured as a late-breaking presentation
Merck (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), known as MSD outside of the United States and Canada, today announced new clinical and outcomes research data on pulmonary arterial hypertension (PAH) to be presented at the American Thoracic Society's (ATS) 2025 International Conference in San Francisco from May 16-21. Data from nine presentations demonstrate Merck's commitment to advancing research for patients with this disease.
Merck will present pooled data from participants who have completed the PULSAR, SPECTRA, or STELLAR studies and have continued in the ongoing open-label extension study, SOTERIA, evaluating the long-term safety, tolerability and efficacy of WINREVAIR&#x2122; (sotatercept-csrk) when added to background therapy for the treatment of PAH. These results represent the largest analysis of WINREVAIR to date.

Merck Presents New Clinical And Outcomes Research Data On Pulmonary Arterial Hypertension At ATS 2025 International Conference

Whales with a lot of money to spend have taken a noticeably bullish stance on Merck &amp; Co.
Looking at options history for Merck &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) we detected 18 trades.
If we consider the specifics of each trade, it is accurate to state that 55% of the investors opened trades with bullish expectations and 33% with bearish.
From the overall spotted trades, 8 are puts, for a total amount of $622,082 and 10, calls, for a total amount of $2,036,471.
<h3>Projected Price Targets</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $60.0 to $90.0 for Merck &amp; Co over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Merck &amp; Co's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Merck &amp; Co's substantial trades, within a strike price spectrum from $60.0 to $90.0 over the preceding 30 days.
<h3>Merck &amp; Co Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1747339301_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>06/18/26</td>
<td>$5.0</td>
<td>$4.8</td>
<td>$4.9</td>
<td>$90.00</td>
<td>$980.0K</td>
<td>236</td>
<td>2.1K</td>
</tr>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/17/27</td>
<td>$10.45</td>
<td>$10.1</td>
<td>$10.45</td>
<td>$80.00</td>
<td>$726.2K</td>
<td>19.0K</td>
<td>697</td>
</tr>
<tr>
<td>MRK</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>07/18/25</td>
<td>$1.52</td>
<td>$1.46</td>
<td>$1.49</td>
<td>$65.00</td>
<td>$186.2K</td>
<td>16.3K</td>
<td>1.3K</td>
</tr>
<tr>
<td>MRK</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$2.16</td>
<td>$2.1</td>
<td>$2.12</td>
<td>$70.00</td>
<td>$171.2K</td>
<td>14.2K</td>
<td>7.0K</td>
</tr>
<tr>
<td>MRK</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/30/25</td>
<td>$6.35</td>
<td>$6.2</td>
<td>$6.2</td>
<td>$79.00</td>
<td>$76.2K</td>
<td>569</td>
<td>200</td>
</tr>
</tbody>
</table>

<h3>About Merck &amp; Co</h3>
Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform is growing as a major contributor to overall sales. The company also has a substantial vaccine business, with treatments to prevent pediatric diseases as well as human papillomavirus, or HPV. Additionally, Merck sells animal health-related drugs. From a geographical perspective, just under half of the company's sales are generated in the United States.
Having examined the options trading patterns of Merck &amp; Co, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Current Position of Merck &amp; Co</h3>
<ul>
<li>Currently trading with a volume of 12,034,764, the MRK's price is up by 1.57%, now at $74.62. </li>
<li>RSI readings suggest the stock is currently is currently neutral between overbought and oversold.</li>
<li>Anticipated earnings release is in 75 days.</li>
</ul>
<h3>What Analysts Are Saying About Merck &amp; Co</h3>
In the last month, 3 experts released ratings on this stock with an average target price of $94.67.
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&#x2A; Reflecting concerns, an analyst from Guggenheim lowers its rating to Buy with a new price target of $115. 
&#x2A; In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Neutral, setting a price target of $85. 
&#x2A; An analyst from Citigroup downgraded its action to Neutral with a price target of $84. 
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Decoding Merck & Co's Options Activity: What's the Big Picture?

Merck&nbsp;&amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) on Thursday said the Phase 3 KEYNOTE-B96 trial (also known as ENGOT-ov65), met its primary endpoint of progression-free survival (PFS) for platinum-resistant recurrent ovarian cancer whose tumors expressed PD-L1 <a target="_blank" href="https://www.benzinga.com/general/health-care" rel="noreferrer noopener">and in all comers</a>.
The study also met a secondary endpoint of overall survival (OS) in patients whose tumors express PD-L1.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/25/05/45418609/fda-approves-mercks-kidney-cancer-drug-for-rare-type-of-neuroendocrine-tumors" rel="noreferrer noopener">FDA Approves Merck&#8217;s Kidney Cancer Drug For Rare Type Of Neuroendocrine Tumors</a>
The study is evaluating Keytruda&nbsp;(pembrolizumab), Merck&#8217;s anti-PD-1 therapy, in combination with chemotherapy (paclitaxel) with or without Roche Holdings AG&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>) Avastin (bevacizumab) <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/b45431872/merck-announces-phase-3-keynote-b96-trial-met-primary-endpoint-of-progression-free-survival-pfs-in" rel="noreferrer noopener">for these patients</a>.
The trial continues, and OS for the full study population will be evaluated at a future analysis.
The Keytruda-based regimen demonstrated a statistically significant and clinically meaningful improvement in PFS regardless of PD-L1 status compared to placebo plus chemotherapy with or without bevacizumab.
The study also showed a statistically significant and clinically meaningful improvement in OS in patients whose tumors express PD-L1 (Combined Positive Score [CPS] ≥1) compared to placebo plus chemotherapy with or without bevacizumab.
&#8220;This marks the first time a KEYTRUDA-based regimen has shown the ability to help certain patients with platinum-resistant ovarian cancer live longer, and the first time an immune checkpoint inhibitor-based regimen has demonstrated an overall survival benefit in ovarian cancer,&#8221; said Dr. Gursel Aktan, vice president, global clinical development, Merck Research Laboratories.
Keytruda is not approved for ovarian cancer.
Lynparza (olaparib), jointly developed by AstraZeneca Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) and Merck, has three approved ovarian <a href="https://www.benzinga.com/24/12/42393128/merck-reveals-mixed-data-from-keytrudalynparza-regime-in-ovarian-cancer" target="_blank" rel="noreferrer noopener">cancer indications in the U.S</a>.
In October, Merck&nbsp;announced that the Phase 3 KEYNOTE-689 trial of Keytruda, as a perioperative treatment for patients newly diagnosed with stage III or IVA, resected, locally advanced head and neck squamous cell carcinoma, met its primary endpoint of&nbsp;<a target="_blank" href="https://www.benzinga.com/general/health-care/24/10/41230591/merck-touts-phase-3-success-for-20b-cancer-drug-keytruda-in-untreated-head-and-neck-cancer-pa" rel="noreferrer noopener">event-free survival (EFS)</a>.
Price Action: MRK stock is
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</ul>
Image: Shutterstock

Large Cap

Health Care

Merck Data Shows Positive Outcomes For Ovarian Cancer Patients Treated With Keytruda

Immutep Limited&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMMP#NASDAQ">IMMP</a>) on Thursday announced additional data from the investigator-initiated INSIGHT-003 trial evaluating a triple combination therapy in front-line <a target="_blank" href="https://www.benzinga.com/general/health-care" rel="noreferrer noopener">non-small cell lung cancer patients</a> consisting of efti administered in conjunction with Merck &amp; Co Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) Keytruda (pembrolizumab) and chemotherapy (carboplatin and pemetrexed).
The company said it achieved a 60.8% response rate and 90.2% disease control rate as of the data cut-off <a href="https://www.benzinga.com/pressreleases/25/05/g45434128/immuteps-efti-with-keytruda-pembrolizumab-chemotherapy-achieves-high-response-rates-in-first-line-" target="_blank" rel="noreferrer noopener">date of May 6, 2025</a>.
Marc Voigt, CEO of Immutep, stated, &#8220;Our level of confidence in efti driving a new standard of care for patients with non-small cell lung cancer via our pivotal TACTI-004 trial continues to rise with the strength of the data from INSIGHT-003 and TACTI-002. Across two trials we have now efficacy data from 165 patients with 1L NSCLC who have been treated with efti and KEYTRUDA, either with or without chemotherapy. In multi-national settings, efti has generated consistent and remarkable improvements in response rates. In particular, the interim ORR data in patients with PD-L1 expression below 50% in the ongoing INSIGHT-003 trial, who represent over two-thirds of the 1L NSCLC patient population, is very encouraging.&#8221;
Data from all evaluable patients demonstrates significant improvement of Overall Response Rate (ORR) across all levels of PD-L1 expression compared to historical control from a registrational trial of anti-PD-1 and doublet chemotherapy in non-squamous 1L NSCLC1:
<ul class="wp-block-list">
<li>75.0% ORR versus 62.1% ORR in patients with high PD-L1 expression (TPS&nbsp;&gt;50%).</li>
<li>64.0% ORR versus 49.2% ORR in patients with low PD-L1 expression (TPS 1-49%).</li>
<li>54.5% ORR versus 32.3% ORR in patients with negative PD-L1 (TPS &lt;1%).</li>
</ul>
The 60.8% response rate, regardless of PD-L1 expression (TPS 0-100%), represents a substantial improvement compared to the historical control of 48.0%.
The relative outperformance is particularly strong given the registrational trial has four times as many patients with high PD-L1 expression (~32% of patients versus ~8% in INSIGHT-003), who have the highest response rates.
In patients with TPS &lt;50% (N=47), who have a high unmet need and represent over two-thirds of the 1L NSCLC patient population, the triple combination with efti achieved a 59.6% response rate compared to a historical control of 40.8%.
Safety continues to be favorable for the triple combination in 1L NSCLC with no new safety signals.
Additional data updates from this trial are expected to be presented at a medical conference in 2025 and beyond.
In May, Immutep announced that the median Overall Survival (OS) of 17.6 months had been achieved in Cohort B of the TACTI-003 <a href="https://www.benzinga.com/pressreleases/25/05/g45191374/immuteps-efti-in-combination-with-keytruda-pembrolizumab-drives-strong-overall-survival-in-head-an" target="_blank" rel="noreferrer noopener">(KEYNOTE-C34) Phase 2b trial</a>.
This part of the Phase 2 study evaluates eftilagimod alfa (efti) in combination with Keytruda as first-line therapy in recurrent/metastatic head and neck squamous cell carcinoma.
Immutep dosed the first patient in its pivotal TACTI-004 Phase 3 trial in March.
TACTI-004 will evaluate Immutep&#8217;s eftilagimod alfa in combination with Keytruda as first-line treatment for patients with advanced or metastatic <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/g44471381/first-patient-dosed-in-immuteps-tacti-004-phase-iii-trial-in-first-line-non-small-cell-lung-cancer" rel="noreferrer noopener">non-small cell lung cancer</a>.
Price Action: IMMP stock is up 9.2% at $2.00 at last check on Thursday.
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</ul>
Photo: Shutterstock

Movers

IMMP

Immutep Reports 61% Response Rate In Lung Cancer Trial With Keytruda-Based Triple Combo

<a href="https://www.gov.uk/government/news/mhra-approves-vaccine-to-protect-against-pneumococcal-infections-such-as-pneumonia-and-meningitis#:~:text=The%20Medicines%20and%20Healthcare%20products,called%20Streptococcus%20pneumoniae%20or%20pneumococcus" title="https://www.gov.uk/government/news/mhra-approves-vaccine-to-protect-against-pneumococcal-infections-such-as-pneumonia-and-meningitis#:~:text=The%20Medicines%20and%20Healthcare%20products,called%20Streptococcus%20pneumoniae%20or%20pneumococcus">https://www.gov.uk/government/news/mhra-approves-vaccine-to-protect-against-pneumococcal-infections-such-as-pneumonia-and-meningitis#:~:text=The%20Medicines%20and%20Healthcare%20products,called%20Streptococcus%20pneumoniae%20or%20pneumococcus</a>.

Global

MHRA Approves Vaccine To Protect Against Pneumococcal Infections Such As Pneumonia And Meningitis; Approved Capvaxive For People Aged 18 Years & Older To Help Protect Against Pneumococcal Infections

<h2 class="wp-block-heading">Pfizer's Oncology Transformation: Why This Beaten-Down Pharma Giant Is Poised For A Strong Comeback</h2>
Despite trading near decade-low valuations, Pfizer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) is strategically repositioning itself for substantial long-term growth through its oncology transformation, particularly via the Seagen acquisition. While the market remains fixated on COVID-related revenue declines and upcoming patent cliffs, investors are overlooking the company's dramatically expanded oncology pipeline, robust free cash flow, and the potential for multiple catalysts in 2025-2026 that could drive significant share price appreciation.
<h2 class="wp-block-heading"><a>Key Points:</a></h2>
<ol class="wp-block-list">
<li>Pfizer's current valuation metrics reveal a striking disconnect with its long-term growth potential</li>
<li>The $43 billion Seagen acquisition has fundamentally transformed Pfizer's oncology pipeline</li>
<li>Despite near-term revenue pressures, Pfizer's financial position remains strong with multiple pathways to growth</li>
<li>A comparison with key competitors shows Pfizer offers compelling risk-reward at current prices</li>
<li>Upcoming catalysts in 2025-2026 could trigger significant revaluation</li>
</ol>
<h2 class="wp-block-heading"><a>Introduction: The Fall From Grace</a></h2>
Few pharmaceutical giants have experienced as dramatic a fall from grace as Pfizer. After riding high on the success of its COVID-19 vaccine and antiviral treatments in 2021-2022, the company has seen its stock price plummet over 60% from its December 2021 high of $52.61. At its current price of approximately $23.87, Pfizer trades at a P/E ratio of just 7.41, a level typically reserved for companies facing existential threats rather than one of the world's premier pharmaceutical innovators.
The market narrative surrounding Pfizer has been overwhelmingly negative, focused on:
<ol class="wp-block-list">
<li>The rapid decline of COVID-19 product revenues</li>
<li>Upcoming patent expirations for key drugs like Inlyta (2025) and Xtandi (2027)</li>
<li>Underwhelming pipeline developments in areas like weight loss</li>
<li>Concerns about the return on investment from the $43 billion Seagen acquisition</li>
</ol>
This pessimistic outlook has created what I believe is one of the most compelling investment opportunities in the pharmaceutical sector today. The market is dramatically undervaluing Pfizer's strategic transformation and the potential of its expanded oncology portfolio.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="975" height="609" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15031106/image-3.png" alt="" class="wp-image-12977" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15031106/image-3.png 975w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15031106/image-3-300x187.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15031106/image-3-768x480.png 768w" sizes="(max-width: 975px) 100vw, 975px" /></figure>
<h2 class="wp-block-heading"></h2>
<h2 class="wp-block-heading">&nbsp;Valuation Disconnect: A Market Overreaction</h2>
Pfizer's current valuation metrics tell a compelling story of market overreaction:
<ul class="wp-block-list">
<li>P/E Ratio: 7.41x (vs. industry average of ~15x)</li>
<li>Forward P/E: 8.0x (based on 2025 guidance)</li>
<li>Dividend Yield: 7.20% (substantially higher than its historical average)</li>
<li>Market Cap: $135.38 billion (down from over $300 billion at its peak)</li>
</ul>
When a company of Pfizer's caliber trades at these valuation levels, either the market is correctly anticipating a permanent deterioration in business fundamentals, or it's presenting a significant opportunity for contrarian investors. I believe it's the latter.
While Pfizer's revenue and earnings did experience a sharp decline following the normalization of COVID-19 product demand, the company's 2025 guidance suggests stabilization is at hand. For 2025, Pfizer projects:
<ul class="wp-block-list">
<li>Revenue between $61-64 billion</li>
<li>Adjusted EPS of $2.80-3.00</li>
<li>Operational revenue growth of 0-5% (excluding non-recurring COVID revenue)</li>
</ul>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="975" height="609" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033015/image-4.png" alt="" class="wp-image-12979" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033015/image-4.png 975w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033015/image-4-300x187.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033015/image-4-768x480.png 768w" sizes="(max-width: 975px) 100vw, 975px" /></figure>
These projections, while not spectacular, hardly justify a valuation typically reserved for businesses in secular decline. More importantly, they provide a stable foundation from which Pfizer's oncology transformation can drive future growth.
<h2 class="wp-block-heading"><a>The Seagen Acquisition: A Pipeline Revolution</a></h2>
In December 2023, Pfizer completed its $43 billion acquisition of Seagen, a move that fundamentally transformed the company's oncology portfolio. This acquisition wasn't merely about adding incremental revenue; it represented a strategic pivot that doubled Pfizer's early-stage oncology pipeline and positioned the company as a leader in antibody-drug conjugate (ADC) technology—one of the most promising approaches in cancer treatment today.
The Seagen acquisition brought immediate and long-term benefits:
Immediate Portfolio Enhancement:
<ul class="wp-block-list">
<li>Four FDA-approved cancer drugs (Adcetris, Padcev, Tivdak, and Tukysa)</li>
<li>Combined revenues of approximately $2.2 billion in 2023</li>
<li>Pfizer projects these medicines could contribute over $10 billion in risk-adjusted revenues by 2030</li>
</ul>
Pipeline Transformation:
<ul class="wp-block-list">
<li>Doubled Pfizer's oncology pipeline to 60 programs</li>
<li>Expanded ADC technology platform</li>
<li>Added multiple late-stage pipeline candidates with blockbuster potential</li>
</ul>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="975" height="609" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033102/image-5.png" alt="" class="wp-image-12980" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033102/image-5.png 975w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033102/image-5-300x187.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033102/image-5-768x480.png 768w" sizes="(max-width: 975px) 100vw, 975px" /></figure>
This acquisition wasn't made out of desperation but from a position of strategic foresight. ADC technology, which Seagen pioneered, allows for more precise targeting of cancer cells while sparing healthy tissue. This approach is increasingly seen as the future of cancer treatment, with the global ADC market projected to grow at a CAGR of over 10% through 2030.
Pfizer CEO Albert Bourla's comment that "We are not acquiring the golden eggs. We are acquiring the goose that laid the golden eggs" captures the strategic rationale perfectly. The long-term value lies not just in current products but in Seagen's innovation engine.
<h2 class="wp-block-heading"><a>Financial Strength Despite Headwinds</a></h2>
While near-term revenue pressures are real, Pfizer's financial position remains remarkably strong:
Q1 2025 Performance:
<ul class="wp-block-list">
<li>Revenue of $13.72 billion</li>
<li>Adjusted EPS of $0.92 (significantly above analyst expectations of $0.66)</li>
<li>Maintained full-year guidance despite external challenges</li>
</ul>
Balance Sheet Strength:
<ul class="wp-block-list">
<li>Substantial cash flow generation</li>
<li>Dividend well-covered by earnings</li>
<li>Continued cost optimization (targeting $7.7 billion in savings by 2027)</li>
</ul>
In its Q1 2025 earnings call, Pfizer's management noted they are "trending towards the upper end" of their adjusted EPS guidance range for 2025, suggesting operational efficiency and cost discipline are bearing fruit.
<h2 class="wp-block-heading"><a>Competitive Landscape: How Pfizer Stacks Up</a></h2>
To fully appreciate Pfizer's investment potential, we need to compare it to major competitors:
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="975" height="609" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033126/image-6.png" alt="" class="wp-image-12981" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033126/image-6.png 975w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033126/image-6-300x187.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/15033126/image-6-768x480.png 768w" sizes="(max-width: 975px) 100vw, 975px" /></figure>
Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>):
<ul class="wp-block-list">
<li>Market Cap: ~$395 billion</li>
<li>P/E Ratio: ~25x</li>
<li>Dividend Yield: ~3.0%</li>
<li>Growth Challenges: Facing Stelara patent expiration in 2025 and ongoing talc litigation</li>
</ul>
Merck &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>):
<ul class="wp-block-list">
<li>Market Cap: ~$208 billion</li>
<li>P/E Ratio: ~16x</li>
<li>Dividend Yield: ~2.9%</li>
<li>Growth Challenges: Heavy reliance on Keytruda, which faces patent expiration later this decade</li>
</ul>
AbbVie (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>):
<ul class="wp-block-list">
<li>Market Cap: ~$340 billion</li>
<li>P/E Ratio: ~20x</li>
<li>Dividend Yield: ~3.6%</li>
<li>Growth Challenges: Recovering from Humira patent cliff through Skyrizi and Rinvoq growth</li>
</ul>
Compared to these peers, Pfizer offers significantly more attractive valuation metrics while facing similar industry-wide challenges. The valuation gap implies the market believes Pfizer's growth prospects are substantially worse than its competitors, an assumption not supported by the company's pipeline and strategic initiatives.
<h2 class="wp-block-heading"><a>Catalysts for Revaluation in 2025-2026</a></h2>
Several potential catalysts could drive a significant revaluation of Pfizer in the next 12-24 months:
<ol class="wp-block-list">
<li>Pipeline Milestones: Multiple late-stage readouts, particularly from oncology programs, are expected in 2025-2026, including data from the promising disitamab vedotin program for bladder cancer.</li>
<li>Margin Expansion: Pfizer's cost optimization initiatives are projected to deliver $7.7 billion in savings by 2027, potentially lifting adjusted operating margins.</li>
<li>Oncology Revenue Growth: The oncology portfolio, particularly the former Seagen products, is projected to deliver strong growth as new indications are approved and commercial execution improves.</li>
<li>GLP-1 Program Advancement: Progress with danuglipron, Pfizer's oral GLP-1 candidate, could position the company in the rapidly growing obesity market.</li>
<li>Potential Divestments or Spin-offs: Strategic portfolio optimization could unlock shareholder value, with non-core assets potentially being divested.</li>
</ol>
<h2 class="wp-block-heading"><a>Investment Risks</a></h2>
No investment thesis is complete without acknowledging risks:
<ol class="wp-block-list">
<li>Patent Cliff Pressures: Pfizer faces patent expirations for Inlyta (2025) and Xtandi (2027), which will impact revenue in the near term.</li>
<li>Seagen Integration Challenges: Realizing the full potential of the Seagen acquisition depends on successful integration and pipeline execution.</li>
<li>Pharmaceutical Pricing Pressure: The Inflation Reduction Act and potential future drug pricing reforms could impact profitability.</li>
<li>Competition in Oncology: The oncology space is highly competitive, with many companies pursuing similar targets.</li>
<li>Tariff Uncertainties: As noted in recent earnings calls, potential pharmaceutical tariffs create uncertainty.</li>
</ol>
However, at current valuation levels, much of this risk appears to be already priced into the stock, creating an asymmetric risk-reward profile.
<h2 class="wp-block-heading">Conclusion: The Case for Pfizer's Resurgence</h2>
Pfizer's dramatic fall from grace has created a compelling opportunity for patient investors. The company's strategic pivot to oncology, particularly through the Seagen acquisition, has positioned it at the forefront of one of the most promising areas in medicine. While near-term challenges are real, the current valuation reflects an overly pessimistic view that fails to account for Pfizer's pipeline potential and strategic transformation.
With multiple catalysts on the horizon and a dividend yield providing substantial income while waiting for the investment thesis to play out, Pfizer offers one of the most attractive risk-reward profiles in the pharmaceutical sector today.
For investors willing to look beyond the current negative sentiment, Pfizer at today's prices represents a rare opportunity to acquire a premier pharmaceutical innovator at a deep discount to its intrinsic value.
Image Credit: Generated Using AI

Equities

Long Ideas

Opinion

ABBV

Why Pfizer Is Poised For A Strong Comeback: My Top Pick For 2025

The study also met a secondary endpoint of overall survival (OS) in patients whose tumors express PD-L1. The study is evaluating KEYTRUDA&#xAE; (pembrolizumab), Merck's anti-PD-1 therapy, in combination with chemotherapy (paclitaxel) with or without bevacizumab for these patients. The trial is continuing and OS for the full study population will be evaluated at a future analysis.&nbsp;

Merck's Keytruda Phase 3 KEYNOTE-B96 Trial (Also Known As ENGOT-ov65) Met Its Primary Endpoint Of Progression-free Survival For Patients With Platinum-resistant Recurrent Ovarian Cancer Whose Tumors Expressed PD-L1 And In All Comers

The U.S. Centers for Medicare &amp; Medicaid Services (CMS) on Monday issued a draft guidance for public comment on the third cycle of negotiations under the Medicare Drug Price Negotiation Program (Negotiation Program) to <a target="_blank" href="https://www.benzinga.com/25/05/45234032/fda-expands-surprise-inspections-at-foreign-drug-and-food-facilities-targets-double-standards-in-overseas-manufacturing-oversight" rel="noreferrer noopener">lower prescription drug prices</a>.
The draft guidance introduces new policies that would, for the first time, include drugs covered under Medicare Part B in the Medicare <a target="_blank" href="https://www.benzinga.com/general/health-care" rel="noreferrer noopener">Drug Price Negotiation Program</a>.
The <a target="_blank" href="https://www.cms.gov/newsroom/press-releases/cms-releases-draft-guidance-third-cycle-medicare-drug-price-negotiation-program-lower-drug-prices" rel="noreferrer noopener">guidance</a> also explains how CMS plans to renegotiate prices for some drugs already negotiated for 2026 or 2027.
It clarifies how drugmakers must make the negotiated prices available in those years and extends similar rules for Part D drugs through 2028.
The first round of negotiations, covering 10 Part D drugs, ended in August 2024. A second round, <a target="_blank" href="https://www.benzinga.com/25/01/43062779/popular-ozempic-wegovy-selected-for-next-round-of-medicare-drug-price-negotiations" rel="noreferrer noopener">involving 15 more Part D drugs</a>, is currently underway.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/health-care/25/05/45341590/trumps-drug-pricing-executive-order-could-rattle-pharma-stocksprice-cuts-up-to-80" rel="noreferrer noopener">Trump&#8217;s New Drug Pricing Executive Order Could Rattle Pharma Stocks, With Price Cuts Of Up To 80%: Novo Nordisk, Pfizer And J&amp;J Fall In Premarket</a>
By Feb. 1, 2026, CMS will announce up to 15 additional drugs, covered under either Part D or Part B, for possible negotiation in the third round. Negotiations for this third group will happen in 2026, with new prices taking effect Jan. 1, 2028.
On the same date, CMS will publish the list of drugs selected for initial price negotiations for 2028 and announce any drugs picked for a first round of renegotiation. Those updated prices will also start on January 1, 2028.
CMS invites the public to comment on this draft guidance, including the drug selection process, how negotiated prices are implemented, and ways to improve the program.
The public comment period is open for 45 days. Comments must be submitted by June 26.
Goldman Sachs analyst Asad Haider says investors are concerned about fixed-combination drugs. The draft points out cases where one ingredient affects how the drug is absorbed but doesn&#8217;t treat the disease itself. This has led to worries that some subcutaneous (SC) versions of drugs that IV originally gave might be included in Medicare price negotiations under the Inflation Reduction Act (IRA) earlier than expected.
The prior CMS guidance issued under the Biden Administration suggested that sub-q formulations of IV drugs could be excluded from IRA price negotiations.
Stocks of companies with key SC drugs in focus, Johnson &amp; Johnson&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) Darzalex Faspro, Bristol-Myers Squibb &amp; Co&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) Opdivo Qvantig, and Merck &amp; Co Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) subcutaneous pembrolizumab/Keytruda (in development), are trading lower.
&#8220;At a higher level, we view this development as another aspect of policy uncertainty that continues to persist, in addition to the Most Favored Nation Executive Order and potential for tariffs&#8230;In our view, this underscores a need for the industry to pursue novel innovations over incremental life cycle management strategies — a dynamic which we believe could lead to increased M&amp;A activity,&#8221; analyst Haider writes.
Price Action: JNJ stock is down 1.45% at $146.30, BMY stock is down 2.64% at $45.38, and MRK stock is down 2.46% at $74.74&nbsp;at the last check on Wednesday.
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Image: Shutterstock

Analyst Color

Government

Regulations

CMS Expands Medicare Drug Price Talks To Part B Meds In 2026 Shake Up

The U.S. Food and Drug Administration (FDA) on Wednesday approved Merck &amp; Co. Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) Welireg (belzutifan) for adult and pediatric patients 12 years and older with locally advanced, unresectable, or metastatic pheochromocytoma or paraganglioma (PPGL).
This represents the first FDA approval of an oral therapy for PPGL,&nbsp;rare neuroendocrine tumors that can spread to other parts of the body.
Welireg received approval from <a target="_blank" href="https://www.merck.com/news/welireg-belzutifan-receives-first-european-commission-approval-for-two-indications/" rel="noreferrer noopener">the</a> FDA and European Medicines Agency for adult patients with advanced renal cell carcinoma&nbsp;(RCC).
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/25/04/44983460/mercks-q1-earnings-beat-wall-street-adjusts-2025-profit-outlook-as-tariffs-may-result-in-incremental-cost-of-200-million" rel="noreferrer noopener">Merck&#8217;s Q1 Earnings Beat Wall Street, Adjusts 2025 Profit Outlook As Tariffs May Result In Incremental Cost Of $200 Million</a>
Efficacy was evaluated in LITESPARK-015, an open-label, multi-cohort trial.
The major <a target="_blank" href="https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-belzutifan-pheochromocytoma-or-paraganglioma" rel="noreferrer noopener">efficacy</a> outcome measure was objective response rate (ORR). Additional efficacy outcome measures were duration of response (DOR) and the number of patients who had a reduction in at least one antihypertensive medication by at least 50%, maintained for at least six months.
<ul class="wp-block-list">
<li>ORR was 26%.</li>
<li>Median DOR was 20.4 months.</li>
<li>Of the 60 patients on baseline antihypertensive medications, 19 (32%) had a reduction in at least one antihypertensive medication by at least 50% for at least six months.</li>
</ul>
The recommended belzutifan dose for adults is 120 mg administered orally once daily.
The recommended dose for pediatric patients 12 years and older is based on body weight. For pediatric patients weighing ≥ 40 kg, the dose is 120 mg orally once daily.
For pediatric patients weighing &lt; 40 kg, the dose is 80 mg orally once daily.
In the first quarter of 2025, Welireg generated sales of $137 million, 62% year over year.
Price Action: MRK stock is down 3.45% at $73.98&nbsp;at the last check on Wednesday.
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</ul>
Photo by tada images via Shutterstock

FDA Approves Merck's Kidney Cancer Drug For Rare Type Of Neuroendocrine Tumors

<a href="https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-belzutifan-pheochromocytoma-or-paraganglioma#:~:text=On%20May%2014%2C%202025%2C%20the,an%20oral%20therapy%20for%20PPGL" title="https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-belzutifan-pheochromocytoma-or-paraganglioma#:~:text=On%20May%2014%2C%202025%2C%20the,an%20oral%20therapy%20for%20PPGL">https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-belzutifan-pheochromocytoma-or-paraganglioma#:~:text=On%20May%2014%2C%202025%2C%20the,an%20oral%20therapy%20for%20PPGL</a>.

Reported Earlier: 'FDA Approves Belzutifan For Pheochromocytoma Or Paraganglioma' - FDA

Despite a powerful 22% surge in the S&amp;P 500 since the April lows—driven by easing U.S.-China trade tensions and a 90-day pause on new tariffs—only half of the index&#8217;s stocks have managed to rise above their 200-day moving average, indicating a market rally <a href="https://www.benzinga.com/movers">that remains potentially incomplete.</a>
This technical indicator, often used to gauge long-term trends and market breadth, currently shows that just 49.9% of S&amp;P 500 components are in what traders would consider a bullish trend. 
That figure remains below both the five- and 10-year averages of 60%, suggesting a wide swath of the market has yet to participate in the rebound.
<h3 class="wp-block-heading">Breadth Gauge Shows Room To Run</h3>
Over the past four years, the percentage of stocks above their 200-day moving average has moved within a wide 10% to 92% range. The extreme lows—seen in June and September 2022 at just 10%—came during periods of heightened recession fears and monetary tightening. 
The recent cycle bottom occurred just last month, when the figure dipped to 15% following April's sharp, tariff-driven selloff.
The highest reading in the last four years came in May 2021, at 92%, during a time of peak post-pandemic optimism. More recently, a high of 82% was recorded in September 2024, following the start of Federal Reserve policy easing. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="529" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/14083211/image-161-1024x529.png" alt="" class="wp-image-914932" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/14083211/image-161-1024x529.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/14083211/image-161-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/14083211/image-161-768x397.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/14083211/image-161-1536x793.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/14083211/image-161-2048x1058.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">What Analysts Say About The Tariff Pause and Market Reaction</h3>
Analysts say that the 90-day tariff truce announced in April and this week&#8217;s truce between the U.S. and China helped revive risk appetite, but they remain cautious about its long-term effects.
In a note on Wednesday, Peter Oppenheimer, strategist at Goldman Sachs, said the outcome was "much better than we had expected," noting that the tariff levies of 30 percentage points by the U.S. and +5 points by China were significantly lower than prior worst-case estimates.
Oppenheimer also highlighted that the new U.S.-UK trade agreement contributes to a more constructive global growth outlook and has mitigated fears of long-term economic damage from the April drawdown.
He added that the market has begun to price out recession risks. 
"Certainly, recent news has been supportive for risk in three respects: it has shown the U.S. Administration to be pragmatic and keen to de-escalate&#8230; it suggests a lower likely outcome for the average effective tariff rate&#8230; and it has led to a number of growth upgrades," he said.
Rick Gardner, chief investment officer at RGA Investments, said markets are already "pricing in an environment where the U.S. and China are able to trade with each other," even if some economic weakness persists.
"Even if we see a continued economic slowdown, the stock market may have already priced that in during the April selloff," Gardner said.
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 20 Laggards – Price vs. 200-Day Moving Average</h3>
More than 20 S&amp;P 500 stocks are still trading over 20% below their 200-day moving averages, highlighting substantial technical room for recovery among the index's biggest underperformers during the tariff-relief rally. 
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Company</th>
<th>% Below 200-Day Moving Average</th>
</tr>
</thead>
<tbody>
<tr>
<td>UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>)</td>
<td>-42.20%</td>
</tr>
<tr>
<td>Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>)</td>
<td>-41.52%</td>
</tr>
<tr>
<td>Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>)</td>
<td>-30.14%</td>
</tr>
<tr>
<td>Alexandria Real Estate Equities Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARE#NYSE">ARE</a>)</td>
<td>-29.88%</td>
</tr>
<tr>
<td>Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>)</td>
<td>-28.40%</td>
</tr>
<tr>
<td>Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>)</td>
<td>-27.11%</td>
</tr>
<tr>
<td>IQVIA Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IQV#NYSE">IQV</a>)</td>
<td>-26.14%</td>
</tr>
<tr>
<td>Bio-Techne Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TECH#NASDAQ">TECH</a>)</td>
<td>-24.95%</td>
</tr>
<tr>
<td>Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>)</td>
<td>-24.89%</td>
</tr>
<tr>
<td>LyondellBasell Industries N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYB#NYSE">LYB</a>)</td>
<td>-24.88%</td>
</tr>
<tr>
<td>Lennar Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>)</td>
<td>-24.48%</td>
</tr>
<tr>
<td>Teradyne Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>)</td>
<td>-24.35%</td>
</tr>
<tr>
<td>West Pharmaceutical Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WST#NYSE">WST</a>)</td>
<td>-24.06%</td>
</tr>
<tr>
<td>Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>)</td>
<td>-23.67%</td>
</tr>
<tr>
<td>Merck &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)</td>
<td>-23.18%</td>
</tr>
<tr>
<td>ON Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>)</td>
<td>-23.06%</td>
</tr>
<tr>
<td>Becton, Dickinson and Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BDX#NYSE">BDX</a>)</td>
<td>-22.80%</td>
</tr>
<tr>
<td>Halliburton Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>)</td>
<td>-22.30%</td>
</tr>
<tr>
<td>Edison International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIX#NYSE">EIX</a>)</td>
<td>-21.76%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of May 13, 2025</figcaption></figure>
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Economics

ENPH

REGN

TECH

Only Half Of S&P 500 Stocks Joined The Tariff-Relief Rally: Time To Buy The Laggards?

4 analysts have shared their evaluations of Merck &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) during the recent three months, expressing a mix of bullish and bearish perspectives.
The table below provides a concise overview of recent ratings by analysts, offering insights into the changing sentiments over the past 30 days and drawing comparisons with the preceding months for a holistic perspective.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">3</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $97.25, a high estimate of $115.00, and a low estimate of $84.00. A 18.5% drop is evident in the current average compared to the previous average price target of $119.33. 
<img src="https://www.benzinga.com/files/images/story/2025/1747227660_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
The standing of Merck &amp; Co among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Andrew Baum</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$84.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>Carter Gould</td>
<td>Cantor Fitzgerald</td>
<td>Announces</td>
<td>Neutral</td>
<td>$85.00</td>
<td>-</td>
</tr>
<tr>
<td>Vamil Divan</td>
<td>Guggenheim</td>
<td>Maintains</td>
<td>Buy</td>
<td>$115.00</td>
<td>$115.00</td>
</tr>
<tr>
<td>James Shin</td>
<td>Deutsche Bank</td>
<td>Lowers</td>
<td>Hold</td>
<td>$105.00</td>
<td>$128.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Merck &amp; Co. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of Merck &amp; Co compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
To gain a panoramic view of Merck &amp; Co's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/MRK/analyst-ratings?adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage">Stay up to date on Merck &amp; Co analyst ratings.</a>
<h2>About Merck &amp; Co</h2>
Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform is growing as a major contributor to overall sales. The company also has a substantial vaccine business, with treatments to prevent pediatric diseases as well as human papillomavirus, or HPV. Additionally, Merck sells animal health-related drugs. From a geographical perspective, just under half of the company's sales are generated in the United States.
<h3>Merck &amp; Co: Delving into Financials</h3>
Market Capitalization: Exceeding industry standards, the company's market capitalization places it above industry average in size relative to peers. This emphasizes its significant scale and robust market position.
Decline in Revenue: Over the 3M period, Merck &amp; Co faced challenges, resulting in a decline of approximately -1.56% in revenue growth as of 31 March, 2025. This signifies a reduction in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Health Care sector.
Net Margin: Merck &amp; Co's net margin is impressive, surpassing industry averages. With a net margin of 32.71%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): Merck &amp; Co's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 10.73%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): Merck &amp; Co's ROA stands out, surpassing industry averages. With an impressive ROA of 4.37%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.72.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.
Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Assessing Merck & Co: Insights From 4 Financial Analysts

Citigroup analyst Andrew Baum downgrades Merck &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) from Buy to Neutral and lowers the price target from $115 to $84.

Downgrades

Citigroup Downgrades Merck & Co to Neutral, Lowers Price Target to $84

WIIM

Merck shares are trading lower. The company highlighted MK-1084 data from KANDLELIT-001 in KRAS G12C-mutated colorectal and lung cancers.

<ul>
<li>New and updated data for MK-1084, an investigational KRAS G12C inhibitor, from the colorectal cancer and non-small cell lung cancer cohorts of the Phase 1 KANDLELIT-001 study will be presented</li>
<li>Zilovertamab vedotin and sacituzumab tirumotecan data to highlight progress in Merck's pipeline of innovative antibody-drug conjugates</li>
<li>Follow-up data for KEYTRUDA&#xAE; (pembrolizumab) and WELIREG&#xAE; (belzutifan), as well as new and updated analyses for KEYTRUDA in earlier stages of cancer, add to the body of evidence supporting the role of these medicines</li>
</ul>

Merck Highlights MK-1084 Data From KANDLELIT-001 in KRAS G12C-Mutated Colorectal And Lung Cancers At ASCO 2025

The Dow Jones Industrial Average staged a powerful rally Monday, crossing its 200-day moving average for the first time since early April, as easing trade tensions between the U.S. and China injected a jolt of<a href="https://www.benzinga.com/government/regulations/25/05/45355655/magnificent-seven-gain-700b-after-us-china-slash-tariffs-gold-crashes-whats-driving-markets-monday"> optimism into global markets.</a>
The U.S. and China agreed to a 90-day truce by slashing triple-digit tariffs effective May 14. The Trump administration also agreed to hold more formal trade talks with Beijing after mounting signs of economic pressure on businesses and consumers.
The Dow Jones Industrial Average — as tracked by the Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) — surged 2.8%, or more than 1,100 points. By mid-afternoon, it reached 42,385 — its second-best day in the past six months, eclipsed only by the 7.8% rally on April 9 when President Donald Trump announced <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">the tariff suspension.</a>
The index's breakout above its 200-day moving average, a closely watched technical level, marked its first such move since the tariff escalation on April 2. 
The S&amp;P 500, likewise, gapped higher at the open, climbing toward 5,838 and holding above its 200-day moving average throughout the session.
Top Dow movers included:
<ul class="wp-block-list">
<li>Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) up 8.12%</li>
<li>NIKE Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) up 7.07%</li>
<li>Merck &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) up 6.39%</li>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) up 6.30%</li>
<li>Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) up 5.57%</li>
</ul>
<h3 class="wp-block-heading">Fed Pivot Still Needed For Sustained Recovery, Analyst Says</h3>
While the bounce stoked investor enthusiasm, technical experts issued a note of caution. 
Adam Turnquist, chief technical strategist at LPL Financial, said the reclaiming of the 200-day moving average could "raise the probability of a sustained recovery," particularly by attracting systematic investors and trend-following funds back into the market.
Still, Turnquist warned that V-shaped recoveries tend to require policy pivots, "usually a dovish turn from the Fed," which remains unlikely. Fed Chair Jerome Powell has continued to emphasize patience, suggesting the central bank won&#8217;t rush to ease policy despite mounting macro headwinds.
Historically, the current bounce may not be out of the woods. 
According to LPL data, when the S&amp;P 500 falls 15% or more from a record high, the index tends to suffer an additional average and median drawdown of 18-19% over the following year. The benchmark breached that threshold on April 4 but has only dropped 5.5% since — the shallowest follow-through decline among 14 comparable instances since 1950.
Still, it&#8217;s not all gloom. Forward-looking returns after such deep pullbacks have been positive 64% of the time, with the 12-month average gain sitting around 8%, offering some hope for longer-term investors willing to stomach near-term volatility.
Now Read: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45353863/new-inflation-data-hits-tuesday-why-it-could-kill-fed-rate-cut-hopes">New Inflation Data Hits Tuesday: Why It Could Kill Fed Rate Cut Hopes</a></li>
</ul>
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Date	Put/Call	Strike Price	Exp Date	DTE	Trade Vol	Day Vol	Vol / OI	OI	Trade Type	Sentiment
02:20 PMMay 19, 2025	PUT	$77.00	Jun 20, 2025	27	2524	2500	Infinity	0	TRADE	BEARISH
03:55 PMMay 15, 2025	CALL	$90.00	Jun 18, 2026	390	2146	2000	909	236	TRADE	NEUTRAL
11:49 AMMay 15, 2025	CALL	$80.00	Jun 17, 2027	754	697	695	4	19081	SWEEP	BULLISH