Pulse of The Market: Tuesday’s 10 Worst Performers

7. Merck & Co. Inc. (NYSE:MRK)

Merk & Co. fell for a third consecutive day on Tuesday, losing 4.81 percent to close at $87.87 each, shunning an analyst recommendation to buy shares in the company.

In its market note, investment firm Citi maintained a Buy rating on MRK and gave the company a $115 price target, representing a 31-percent upside from its latest stock price.

Citi said its recommendation was based on MRK’s new licensing agreement with Jiangsu Hengrui Pharmaceuticals which grants MRK the exclusive rights to develop and commercialize HRS-5346, a phase 2 oral small molecule Lp(a) inhibitor, which aims to treat cardiovascular diseases.

Citi underscored the potential market for the treatment of elevated Lp(a), a condition that affects one out of five adults worldwide. It also said that the exclusive license agreement would allow MRK to diversify its portfolio.