Daily close, T-120 (6/6/25) through T+5. Run-up high $96.43 on 11/18/25, low $77.14 on 6/6/25 (T-120 to T-1). FDA decision 11/21/25. Historical price action, not a forecast.
Positioning before the decision
On Nov 7, 2025, 14 days before the decision date, at-the-money options priced a move of ±4.9% through Nov 28, 2025 (the first listed expiry after the decision; ATM implied volatility 26%). The stock closed +2.9% at the first close across the decision and +10.4% five trading days on. A straddle priced weeks out covers ordinary movement plus the event, so this is the move the options market priced through that expiry, not the event-implied move alone. How this compares across 1,000+ decisions.
Was PADCEV (enfortumab vedotin) + KEYTRUDA (pembrolizumab) - (EV-303 / KEY approved by the FDA?
Yes. The FDA approved the application for PADCEV (enfortumab vedotin) + KEYTRUDA (pembrolizumab) - (EV-303 / KEY on November 21, 2025. The primary source is linked on this page.
What was PADCEV (enfortumab vedotin) + KEYTRUDA (pembrolizumab) - (EV-303 / KEY under FDA review for?
The application covered Muscle-invasive bladder cancer (MIBC). The FDA approved the application on November 21, 2025.
How did MRK stock react to the FDA decision?
On the decision day MRK moved +2.9%. That is the recorded reaction to this specific event -- historical measurement, not a prediction, and not investment advice.