Intrinsic value of Merus - MRUS

Previous Close

$14.24

  Intrinsic Value

$0.63

stock screener

  Rating & Target

str. sell

-96%

Previous close

$14.24

 
Intrinsic value

$0.63

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of MRUS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  26
  40
  60
  88
  124
  170
  228
  299
  385
  487
  604
  739
  890
  1,059
  1,246
  1,449
  1,669
  1,906
  2,158
  2,427
  2,710
  3,009
  3,322
  3,650
  3,993
  4,350
  4,722
  5,109
  5,512
  5,930
Variable operating expenses, $m
  73
  113
  170
  246
  347
  477
  641
  842
  1,083
  1,368
  1,698
  2,076
  2,503
  2,978
  3,501
  4,073
  4,691
  5,356
  6,066
  6,820
  7,617
  8,457
  9,338
  10,260
  11,223
  12,227
  13,273
  14,361
  15,493
  16,668
Fixed operating expenses, $m
  26
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  32
  33
  34
  35
  35
  36
  37
  38
  39
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
Total operating expenses, $m
  99
  139
  197
  273
  375
  505
  670
  872
  1,113
  1,399
  1,730
  2,108
  2,536
  3,012
  3,536
  4,108
  4,727
  5,393
  6,104
  6,859
  7,656
  8,497
  9,379
  10,302
  11,266
  12,271
  13,318
  14,407
  15,540
  16,716
Operating income, $m
  -73
  -99
  -136
  -186
  -252
  -336
  -442
  -572
  -728
  -912
  -1,126
  -1,370
  -1,645
  -1,952
  -2,290
  -2,659
  -3,059
  -3,488
  -3,946
  -4,432
  -4,947
  -5,488
  -6,057
  -6,652
  -7,273
  -7,921
  -8,596
  -9,298
  -10,028
  -10,786
EBITDA, $m
  -72
  -99
  -135
  -184
  -250
  -333
  -438
  -567
  -722
  -905
  -1,117
  -1,359
  -1,632
  -1,936
  -2,271
  -2,637
  -3,033
  -3,458
  -3,913
  -4,395
  -4,905
  -5,442
  -6,006
  -6,595
  -7,212
  -7,854
  -8,523
  -9,219
  -9,943
  -10,695
Interest expense (income), $m
  0
  0
  -7
  -5
  -3
  1
  5
  10
  17
  25
  35
  47
  60
  76
  94
  113
  135
  158
  184
  211
  241
  272
  305
  339
  376
  414
  453
  495
  538
  583
  630
Earnings before tax, $m
  -73
  -93
  -131
  -183
  -252
  -341
  -452
  -589
  -753
  -947
  -1,173
  -1,430
  -1,721
  -2,046
  -2,403
  -2,794
  -3,217
  -3,672
  -4,157
  -4,673
  -5,219
  -5,793
  -6,396
  -7,027
  -7,687
  -8,374
  -9,091
  -9,836
  -10,611
  -11,416
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -73
  -93
  -131
  -183
  -252
  -341
  -452
  -589
  -753
  -947
  -1,173
  -1,430
  -1,721
  -2,046
  -2,403
  -2,794
  -3,217
  -3,672
  -4,157
  -4,673
  -5,219
  -5,793
  -6,396
  -7,027
  -7,687
  -8,374
  -9,091
  -9,836
  -10,611
  -11,416

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  62
  96
  144
  209
  295
  405
  544
  715
  919
  1,161
  1,442
  1,763
  2,125
  2,528
  2,973
  3,458
  3,984
  4,548
  5,151
  5,791
  6,468
  7,181
  7,929
  8,712
  9,530
  10,382
  11,270
  12,194
  13,155
  14,154
Adjusted assets (=assets-cash), $m
  62
  96
  144
  209
  295
  405
  544
  715
  919
  1,161
  1,442
  1,763
  2,125
  2,528
  2,973
  3,458
  3,984
  4,548
  5,151
  5,791
  6,468
  7,181
  7,929
  8,712
  9,530
  10,382
  11,270
  12,194
  13,155
  14,154
Revenue / Adjusted assets
  0.419
  0.417
  0.417
  0.421
  0.420
  0.420
  0.419
  0.418
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
Average production assets, $m
  2
  3
  5
  7
  10
  13
  18
  23
  30
  37
  47
  57
  69
  82
  96
  112
  129
  147
  166
  187
  209
  232
  256
  281
  307
  335
  364
  393
  424
  457
Working capital, $m
  -28
  -43
  -65
  -94
  -133
  -182
  -245
  -322
  -414
  -523
  -649
  -793
  -956
  -1,138
  -1,338
  -1,556
  -1,793
  -2,047
  -2,318
  -2,606
  -2,911
  -3,231
  -3,568
  -3,920
  -4,288
  -4,672
  -5,072
  -5,488
  -5,920
  -6,369
Total debt, $m
  -123
  -92
  -49
  9
  87
  186
  311
  464
  649
  866
  1,119
  1,408
  1,734
  2,097
  2,497
  2,934
  3,407
  3,915
  4,457
  5,033
  5,643
  6,284
  6,957
  7,662
  8,398
  9,165
  9,965
  10,796
  11,661
  12,559
Total liabilities, $m
  56
  87
  130
  188
  265
  365
  490
  643
  827
  1,045
  1,298
  1,587
  1,913
  2,276
  2,676
  3,112
  3,585
  4,093
  4,636
  5,212
  5,821
  6,463
  7,136
  7,841
  8,577
  9,344
  10,143
  10,975
  11,840
  12,738
Total equity, $m
  6
  10
  14
  21
  29
  41
  54
  71
  92
  116
  144
  176
  213
  253
  297
  346
  398
  455
  515
  579
  647
  718
  793
  871
  953
  1,038
  1,127
  1,219
  1,316
  1,415
Total liabilities and equity, $m
  62
  97
  144
  209
  294
  406
  544
  714
  919
  1,161
  1,442
  1,763
  2,126
  2,529
  2,973
  3,458
  3,983
  4,548
  5,151
  5,791
  6,468
  7,181
  7,929
  8,712
  9,530
  10,382
  11,270
  12,194
  13,156
  14,153
Debt-to-equity ratio
  -19.670
  -9.560
  -3.410
  0.450
  2.940
  4.590
  5.710
  6.500
  7.060
  7.460
  7.760
  7.990
  8.160
  8.290
  8.400
  8.480
  8.550
  8.610
  8.650
  8.690
  8.720
  8.750
  8.770
  8.790
  8.810
  8.830
  8.840
  8.850
  8.860
  8.870
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -73
  -93
  -131
  -183
  -252
  -341
  -452
  -589
  -753
  -947
  -1,173
  -1,430
  -1,721
  -2,046
  -2,403
  -2,794
  -3,217
  -3,672
  -4,157
  -4,673
  -5,219
  -5,793
  -6,396
  -7,027
  -7,687
  -8,374
  -9,091
  -9,836
  -10,611
  -11,416
Depreciation, amort., depletion, $m
  0
  1
  1
  1
  2
  3
  4
  5
  6
  8
  9
  11
  14
  16
  19
  22
  26
  29
  33
  37
  42
  46
  51
  56
  61
  67
  73
  79
  85
  91
Funds from operations, $m
  -72
  -92
  -130
  -182
  -250
  -338
  -448
  -584
  -747
  -940
  -1,163
  -1,419
  -1,708
  -2,029
  -2,384
  -2,772
  -3,191
  -3,642
  -4,124
  -4,636
  -5,177
  -5,747
  -6,345
  -6,971
  -7,625
  -8,307
  -9,018
  -9,757
  -10,526
  -11,325
Change in working capital, $m
  -11
  -15
  -21
  -29
  -39
  -50
  -62
  -77
  -92
  -109
  -126
  -144
  -163
  -182
  -200
  -218
  -236
  -254
  -271
  -288
  -305
  -321
  -337
  -352
  -368
  -384
  -400
  -416
  -432
  -449
Cash from operations, $m
  -62
  -77
  -109
  -153
  -212
  -288
  -386
  -507
  -655
  -831
  -1,037
  -1,275
  -1,545
  -1,848
  -2,184
  -2,553
  -2,955
  -3,388
  -3,853
  -4,348
  -4,872
  -5,426
  -6,008
  -6,619
  -7,257
  -7,924
  -8,618
  -9,341
  -10,093
  -10,875
Maintenance CAPEX, $m
  0
  0
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -7
  -9
  -11
  -14
  -16
  -19
  -22
  -26
  -29
  -33
  -37
  -42
  -46
  -51
  -56
  -61
  -67
  -73
  -79
  -85
New CAPEX, $m
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -32
Cash from investing activities, $m
  -1
  -1
  -3
  -3
  -4
  -6
  -7
  -9
  -12
  -14
  -16
  -19
  -23
  -27
  -30
  -35
  -39
  -44
  -48
  -54
  -59
  -65
  -70
  -76
  -82
  -89
  -96
  -103
  -110
  -117
Free cash flow, $m
  -63
  -78
  -111
  -156
  -216
  -294
  -393
  -516
  -666
  -845
  -1,054
  -1,294
  -1,568
  -1,875
  -2,215
  -2,588
  -2,994
  -3,432
  -3,902
  -4,402
  -4,932
  -5,491
  -6,079
  -6,695
  -7,340
  -8,013
  -8,714
  -9,444
  -10,203
  -10,992
Issuance/(repayment) of debt, $m
  -123
  31
  43
  58
  77
  99
  125
  153
  184
  218
  253
  289
  326
  363
  400
  437
  473
  508
  543
  576
  609
  641
  673
  705
  736
  767
  799
  832
  865
  899
Issuance/(repurchase) of shares, $m
  220
  96
  136
  190
  261
  352
  466
  606
  774
  971
  1,201
  1,463
  1,758
  2,086
  2,448
  2,843
  3,269
  3,728
  4,218
  4,737
  5,286
  5,864
  6,471
  7,106
  7,769
  8,460
  9,179
  9,928
  10,707
  11,516
Cash from financing (excl. dividends), $m  
  97
  127
  179
  248
  338
  451
  591
  759
  958
  1,189
  1,454
  1,752
  2,084
  2,449
  2,848
  3,280
  3,742
  4,236
  4,761
  5,313
  5,895
  6,505
  7,144
  7,811
  8,505
  9,227
  9,978
  10,760
  11,572
  12,415
Total cash flow (excl. dividends), $m
  34
  48
  68
  93
  122
  157
  198
  243
  292
  345
  400
  457
  516
  574
  633
  691
  748
  804
  859
  912
  964
  1,015
  1,065
  1,115
  1,165
  1,214
  1,265
  1,316
  1,368
  1,422
Retained Cash Flow (-), $m
  -220
  -96
  -136
  -190
  -261
  -352
  -466
  -606
  -774
  -971
  -1,201
  -1,463
  -1,758
  -2,086
  -2,448
  -2,843
  -3,269
  -3,728
  -4,218
  -4,737
  -5,286
  -5,864
  -6,471
  -7,106
  -7,769
  -8,460
  -9,179
  -9,928
  -10,707
  -11,516
Prev. year cash balance distribution, $m
  198
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  12
  -48
  -68
  -97
  -138
  -194
  -268
  -363
  -482
  -627
  -801
  -1,005
  -1,242
  -1,512
  -1,815
  -2,151
  -2,521
  -2,924
  -3,359
  -3,825
  -4,322
  -4,849
  -5,406
  -5,991
  -6,604
  -7,245
  -7,915
  -8,612
  -9,338
  -10,094
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  12
  -44
  -59
  -80
  -107
  -141
  -181
  -227
  -277
  -329
  -380
  -429
  -472
  -508
  -533
  -547
  -549
  -538
  -517
  -486
  -447
  -402
  -354
  -305
  -257
  -211
  -170
  -133
  -102
  -76
Current shareholders' claim on cash, %
  50.0
  13.3
  3.8
  1.1
  0.4
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Merus NV is a biotechnology company based in the Netherlands. The Company develops differentiating therapeutics for cancer patients. The product programs in the Merus pipeline are based on the Biclonics format. Its products inlcude, among others, MCLA-134 that is designed to bind to a combination of two immunomodulatory targets expressed by T cells, as wellas MCLA-145 that is designed to bind to a tumor-associated target with an immunomodulatory target involved in checkpoint inhibition.

FINANCIAL RATIOS  of  Merus (MRUS)

Valuation Ratios
P/E Ratio -4.1
Price to Sales 67.6
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow -7.5
Price to Free Cash Flow -7.2
Growth Rates
Sales Growth Rate 50%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 2.8%
Total Debt to Equity 2.8%
Interest Coverage 0
Management Effectiveness
Return On Assets -88.5%
Ret/ On Assets - 3 Yr. Avg. -139.1%
Return On Total Capital -147.1%
Ret/ On T. Cap. - 3 Yr. Avg. -306.2%
Return On Equity -151.5%
Return On Equity - 3 Yr. Avg. -412%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -1666.7%
EBITDA Margin - 3 Yr. Avg. -1555.6%
Operating Margin -966.7%
Oper. Margin - 3 Yr. Avg. -1355.6%
Pre-Tax Margin -1666.7%
Pre-Tax Margin - 3 Yr. Avg. -1555.6%
Net Profit Margin -1666.7%
Net Profit Margin - 3 Yr. Avg. -1555.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

MRUS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MRUS stock intrinsic value calculation we used $16.3265306122 million for the last fiscal year's total revenue generated by Merus. The default revenue input number comes from 0001 income statement of Merus. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MRUS stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MRUS is calculated based on our internal credit rating of Merus, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Merus.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MRUS stock the variable cost ratio is equal to 281.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $25 million in the base year in the intrinsic value calculation for MRUS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Merus.

Corporate tax rate of 27% is the nominal tax rate for Merus. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MRUS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MRUS are equal to 7.7%.

Life of production assets of 3.7 years is the average useful life of capital assets used in Merus operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MRUS is equal to -107.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $57.487394958 million for Merus - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 22.625 million for Merus is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Merus at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Merus Strengthens Team with Key Appointments   [07:00AM  GlobeNewswire]
▶ Merus Announces Formation of a Scientific Advisory Board   [Aug-22-18 07:00AM  GlobeNewswire]
▶ Merus Announces Annual Meeting of Shareholders   [Jul-05-18 04:01AM  GlobeNewswire]
▶ Merus N.V. to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Merus NV (NASDAQ:MRUS): Should The Future Outlook Worry You?   [Dec-26-17 03:55PM  Simply Wall St.]
▶ Merus NV Value Analysis (NASDAQ:MRUS) : November 29, 2017   [Nov-29-17 01:03PM  Capital Cube]
▶ Merus to Participate in the BIO Investor Forum   [Oct-10-17 04:05PM  GlobeNewswire]
▶ Merus NV Value Analysis (NASDAQ:MRUS) : August 15, 2017   [Aug-15-17 06:12PM  Capital Cube]
▶ Merus NV Value Analysis (NASDAQ:MRUS) : June 6, 2017   [Jun-06-17 11:58AM  Capital Cube]
▶ Merus Announces Annual Meeting of Shareholders   [May-09-17 09:42AM  GlobeNewswire]
▶ Merus Named BioCapital Europe 2017 Company of the Year   [Mar-16-17 02:01AM  GlobeNewswire]
▶ [$$] Charting the Market   [Dec-24-16 12:01AM  at Barrons.com]

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