Merck & Co. shares reached a new 12-month high of $130.29 on Wednesday.
Bank of America raised its price target for the stock to $141 from $130. The firm also reiterated its buy rating for the company.
Scotiabank increased its price target for Merck to $155. Analysts attribute the momentum to the potential of Merck’s lung cancer drug pipeline.
The stock currently maintains a consensus Moderate Buy rating. The consensus price target for Merck sits at $131.83.