Wells Fargo raised its price target for Merck & Co. to $170 from $150.
The firm maintained an overweight rating on the shares.
This target represents a 12.5% upside from the price at the time of the announcement.
The outlook follows a physician survey regarding the PCSK9 class of cardiovascular drugs.
Wells Fargo increased its peak sales estimate for Merck’s Lipfendra to over $5 billion.
The new estimate exceeds the current market consensus of $4.5 billion.