Merck (MRK) PT Lowered to $67 at UBS on 'Keynote-189 Delay As Feared'

UBS lowered its price target on Merck (NYSE: MRK) to $67.00 (from $72.00) while maintaining a Buy rating, following the announcement that management would push out results into early 2019 for Keynote-189 in lung cancer.

Analyst Marc Goodman notes a cautious outlook on the shares as management "decided delay the KN-189 study to “preserve OS results” and drive “more power to OS”, as it believes that it may not see meaningful separation in the curves until 18 month."

You May Also Be Interested In

• Natera (NTRA) PT Raised to $270 at BTIG
• Craig-Hallum Upgrades Backblaze Inc (BLZE) to Buy
• Alaska Air (ALK) PT Raised to $62 at UBS on Updated Q2 Estimates