UPDATE: Citigroup Upgrades Merck; Raises PT

According to a research report released Thursday, Citigroup has upgraded Merck

from Neutral to Buy, and increased PT from $34 to $50. In the report, Citigroup said, "MRK announced that the Data Monitoring Committee (DMC) stopped its 16,500 patient Ph-III odanacatib (odana) trial early on a “favorable benefit-risk profile” in postmenopausal patients with osteoporosis. MRK expects to submit regulatory applications in the US/EU in 1H13 & Japan in 2H13." Merck was trading up 4.34% from yesterday's $41.21 closing price.