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."