UPDATE: Deutsche Bank Raises Target on Regeneron Pharma to $140

Deutsche Bank raises its target price on Buy-rated Regeneron Pharma

from $80 to $140 on Eylea WW increased sales projections. Deutsche Bank says, "We modeled in close detail the refractory market highlighted in this note discussing how a robust refractory market could last for 1-2 years. We have increased our Eylea WW sales numbers and TP due to 1) Increased confidence in ex-US Eylea sales, 2) Eylea uptake in refractory AMD market and 3) Inclusion of BRVO numbers in the model. From Q4 call, 38% of Lucentis docs have now used Eylea after 12 weeks on market. Stocking looks low as docs keep 1 week and wholesalers keep 1-2 weeks of stock. Reimbursement is on track with all Medicare carriers and private payers." REGN closed at $102.08 a share yesterday.