NEW YORK (TheStreet) -- Merck & Co.
(MRK) shares are down -1.2% to $56.40 in pre-market trading after being downgraded to "equalweight" from "overweight" by analysts at Morgan Stanley
(MS) on Wednesday.
The downgrade comes on the heels of yesterday's news that German drug maker Bayer AG (BAYRY) had agreed to purchase Merck's consumer care division for $14.2 billion.
The deal makes Bayer one of the largest over-the-counter drug companies in the world as it assumes control of Merck's most popular non-prescription brands.
Must Read: Warren Buffett's 10 Favorite Growth Stocks
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts