Merck stock dives after Citi downgrades on ‘high probability' that HIV treatment will be abandoned [MarketWatch]
Merck & Company, Inc. (new) (MRK)
Last merck & company, inc. (new) earnings: 4/28 06:45 am
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Source: MarketWatch
Shares of Merck & Co. Inc. sank Monday, to buck the gains in the health care sector and the broader stock market, after Citi Research backed away from its bullish stance on the drug maker, citing concerns over its HIV and COVID-19 treatments. The stock MRK, slumped 5.4% in midday trading toward a two-month low. The stock is the biggest decliner among the components of the Dow Jones Industrial Average DJIA, which ran up 322 points, or 0.9%, and of the SPDR S&P Health Care Select Sector exchange-traded fund XLV, which rallied 0.9%. The stock has now tumbled 17.3% since closing at a record $90.54 on Nov. 4. Citi's Andrew Baum cut his rating to neutral, after being at buy for at least the past 2 1/2 years. He cut this stock price target to $85 from $105. Baum said his “long-standing” bullish thesis on Merck was based on the “under-appreciation” of the company's drug pipeline, especially its HIV treatment islatravir, which he expected would offset the coming loss of exclusivity of
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MRK
Earnings
- 2/1/24 - Beat
MRK
Sec Filings
- 4/11/24 - Form ARS
- 4/11/24 - Form DEFA14A
- 4/11/24 - Form DEF
- MRK's page on the SEC website