UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Regeneron Pharmaceuticals Following Top-Line Q1 Beat

In a report published Monday, Jefferies analyst Biren Arnin reiterated a Hold rating on Regeneron Pharmaceuticals

, and raised the price target from $179.00 to $247.00. In the report, Arnin noted, “REGN reported a top-line beat driven by U.S. Eylea sales leading to slightly raised guidance. Given the recent strength in REGN shares attributed to Avastin cmpding issues, there appeared to be very little shift away from Avastin. We have, however, raised our PT to $247 largely due to increased traction in ex-U.S. Eylea sales and the value for PIII alirocumab for hypercholesterolemia.” Regeneron Pharmaceuticals closed on Friday at $248.63.