Piper Jaffray Reiterates Overweight, $83 PT On Regeneron
In a note out today, Piper Jaffray reiterated an Overweight rating and $83 price target on biotech firm Regeneron Pharmaceuticals (Nasdaq: REGN), implying significant upside in the shares from where they currently trade.
"Regeneron remains a Top Pick for 2012 driven by EYLEA launch and potential approval of ARCALYST and ZALTRAP. We expect momentum will continue to build at Regeneron based on the recent launch of EYLEA for wet Age-related Macular Degeneration (AMD). The FDA accepted the sBLA for Arcalyst in gout flare prevention and we look for another BLA filing for ZALTRAP in colorectal cancer and an sBLA for EYLEA in central retinal vein occlusion (CRVO). We forecast these drug launches will drive revenues to >$1 billion and lead to profitability in 2013. Regeneron is hosting a conference call this morning to update patent litigation with Genentech. We reiterate our Overweight rating and $83 price target," Piper said in the note.
Shares of Regeneron are up more than 3% today.
