UPDATE: Piper Jaffray Upgrades Regeneron Pharmaceuticals to Overweight Following EYLEA Launch

In a report published Monday, Piper Jaffray analyst Edward A. Tenthoff upgraded the rating on

from Neutral to Overweight, and reiterated the $274.00 price target. In the report, Piper Jaffray noted, “With the launch of EYLEA, we believe Regeneron is emerging as one of the premier biotherapeutic plays in biotech. Shares of REGN have pulled back >20% since an intraday high of $284 on May 15th offering an attractive entry point as Regeneron's top-line growth delivers robust profitability. Specifically, we forecast U.S. EYLEA sales of $324 million in 2Q:13 totaling $1.368 billion this year, which is above management's guidance of $1.25-$1.325 billion. Growing overseas EYLEA sales by Bayer contribute high margin profit share that we anticipate will help drive robust non-GAAP diluted earnings growth to an estimated $7.82 this year and $10.77 in 2014. Regeneron has a rich antibody pipeline partnered with Sanofi that can deliver long-term value.” Regeneron Pharmaceuticals closed on Friday at $224.88.