Merus price target lowered to $109 from $111 at Guggenheim

Guggenheim lowered the firm’s price target on Merus (MRUS) to $109 from $111 and keeps a Buy rating on the shares after the company announced an exclusive agreement with privately-held Partner Therapeutics to exclusively licensed to PTx the right to commercialize zenocutuzumab for the treatment of NRG1 fusion-positive cancer in the U.S. The firm is updating its model to account for the license agreement, the analyst tells investors.