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SocGen Picks New Favorites In Big Pharma

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SocGen started coverage of six US large cap pharma stocks on Wednesday, picking Merck & Co., Inc. MRK 2.72% as its favorite. The firm sees cancer franchises as a major catalyst going forward.

Merck The Favorite

SocGen initiated coverage of Merck with a Buy rating, saying, "We see scope for the group to surprise on the upside as Keytruda (cancer) should leapfrog Bristol-Myers Squibb Co BMY 1.16%'s Opdivo and become the market leader in Immunotherapy given its first mover advantage in several indications. In our view, this potential is not currently reflected in MRK's valuation."

On Bristol-Myers Squibb, SocGen started the coverage with a Sell rating saying, "in extrapolating Opdivo's...