** Regeneron REGN.O says late on Friday its experimental drug combination failed to significantly delay disease progression in a late-stage study of patients with advanced melanoma, a serious type of skin cancer.

** At least seven brokerages cut their PTs on REGN

TOUGH BREAK

** J.P. Morgan ("overweight," PT: $850) says "REGN's late-stage data underperformed our expectations and we are removing the product from our model"

** Citi ("neutral," PT: $700) says "We do not believe the current dataset supports regulatory filing or warrants any commercial value in our model"

** BMO Capital Markets ("outperform," PT: $730) says "No sugar-coating it: back-to-back key pipeline misses amp up the pressure on the next 12-18 months of clinical development"

** RBC Capital Markets ("sector perform," PT: $707) says the "near-miss is a tough break" and adds "disappointment in light of high expectations going in could raise bigger-picture questions"

** Bernstein ("outperform," PT: $861) says the miss could leave shares at "hold your nose and buy it" levels, similar to prior pipeline setbacks