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Merck KGaA: Barclays cuts its target price

(CercleFinance.com) - Barclays reiterates its 'buy' recommendation on Merck KGaA shares, although lowers its target price for them from E205 to E195, following the decision to halt a Phase III clinical trial evaluating an experimental treatment for head and neck cancer.


Although xevinapant represented only 2% of Merck's group NPV, we expect the stock to fall much further today, given that this is (another) surprising setback for the healthcare pipeline, the broker says.

While Barclays says it still likes Merck, it concedes that the German healthcare group will need to rebuild credibility on its pipeline prowess.


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