MRK—The analyst is wrong about the definition of PD-L1 expression, IMO. This is the information on PD-L1 testing that the Keytruda FDA label refers to:
In other words, the currently approved PD-L1 test defines a positive reading for PD-L1 expression as TPS≥50%; anything less than 50% is considered PD-L1 negative.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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