As previously reported, Wells Fargo analyst Jim Birchenough downgraded IMV Inc. (IMV) to Equal Weight from Overweight with a price target of $3.50, down from $6, as he reduces the likelihood of success of DPX-Survivac following review of top-line DeCidE1 data for DPX-Survivac in advanced ovarian cancer. The analyst believes that reported response rate of 22% is difficult to separate from background response rate seen historically with accompanying low-dose cyclophosphamide and believes a clear path to approval is unclear. Birchenough would await longer term follow up data and translational data from DeCidE1 that might identify response factors as well as basket study results with Merck's (MRK) Keytruda to better assess DPX-Survivac opportunity.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

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FY24 consensus $8.56. Raises FY24 revenue view to $63.1B-$64.3B from $62.7B-$64.2B, consensus $63.83B.

Reports Q1 revenue $15.8B, consensus $15.2B. "Merck has begun 2024 with continuing momentum in our business. We are harnessing the power of innovation to advance our deep pipeline and are maximizing the impact of our broad commercial portfolio for the benefit of patients," said Robert Davis, chairman and chief executive officer, Merck. "We drove strong growth across key therapeutic areas, executed strategic business development, and in the U.S., we are now launching WINREVAIR, a significant new product in the cardiometabolic space for adults with pulmonary arterial hypertension, a progressive and debilitating disease. We have important opportunities ahead of us across all areas of our business, and we are highly focused on realizing them."

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.