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UTRECHT, The Netherlands and CAMBRIDGE, Mass. - Merus N.V. (NASDAQ:MRUS), a clinical-stage oncology company with a market capitalization of $4.3 billion and strong recent performance (up 39% year-to-date), has announced a proposed underwritten public offering of its common shares. According to InvestingPro data, the company’s stock is trading near its 52-week high, with significant momentum over recent months. The company also plans to give underwriters a 30-day option to purchase additional shares. The offering’s completion is subject to market and other closing conditions, with no assurance of its size or terms. Based on InvestingPro analysis, Merus maintains a healthy financial position with more cash than debt on its balance sheet and a strong current ratio of 5.86x.
Merus intends to use the net proceeds for advancing clinical development of its candidates, preclinical research, technology development, working capital, and general corporate purposes. The offering is being managed by Jefferies, BofA Securities, Leerink Partners, Guggenheim Securities, Truist Securities, and LifeSci Capital, with Van Lanschot Kempen as the lead manager.
The offering is made under a shelf registration statement filed with the SEC on February 28, 2024, and effective upon filing. Prospective investors can obtain copies of the preliminary prospectus from the book-running managers.
This press release does not constitute an offer to sell or a solicitation to buy securities. In the EEA and the UK, the offering will comply with the Prospectus Regulation, with no public offering being made prior to the approval of a prospectus by the competent authority.
Merus develops Multiclonics®, full-length human bispecific and trispecific antibody therapeutics, using standard manufacturing processes. These have shown similar properties to conventional human monoclonal antibodies in preclinical and clinical studies. While the company reported revenue of $54.7 million in the last twelve months with 42.8% growth, InvestingPro analysis indicates the company is not yet profitable, though analysts anticipate continued sales growth. For deeper insights into Merus’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
The company cautions that this announcement contains forward-looking statements, including the proposed offering’s completion, timing, and intended use of net proceeds. These statements are subject to risks and uncertainties that could cause actual results to differ materially.
This news article is based on a press release statement from Merus N.V.
In other recent news, Merus N.V. has been the focus of several significant developments. BMO Capital Markets raised its price target for Merus to $110 from $96, maintaining an Outperform rating, following promising Phase 2 data for its drug candidate petosemtamab combined with pembrolizumab in treating Head and Neck Squamous Cell Carcinoma. The study reported a confirmed Objective Response Rate of 63% and a 12-month Overall Survival rate of 79%, surpassing the standard care benchmarks. Needham & Company also revised its price target for Merus to $88, citing the potential of Peto+Pembro as a new standard of care and maintaining a Buy rating. H.C. Wainwright reaffirmed its Buy rating with an $85 price target, noting the treatment’s efficacy and survival benefits across biomarker subgroups. Truist Securities maintained its Buy rating and $88 target, highlighting the superior 12-month overall survival rate of 79% in its Phase 2 study. Additionally, Merus shareholders approved several board appointments and proposals, including the adoption of the Dutch statutory annual accounts and the appointment of KPMG Accountants N.V. as the external auditor for 2025. These updates reflect the market’s optimism and confidence in Merus’s ongoing clinical programs and strategic direction.
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