UPDATE: Brean Capital Reiterates Buy Rating, Raises PT on Regeneron Pharmaceuticals on Increased Confidence

In a report published Thursday, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on

, and raised the price target from $390.00 to $450.00. In the report, Brean Capital noted, “At the AHA meeting, positive results from six of the several ongoing ODYSSEY trials of alirocumab for hypercholesterolemia (LONG TERM, ALTERNATIVE, COMBO I, OPTIONS I, OPTIONS II, and HIGH FH) were presented. Alirocumab Q2W either alone (as in ALTERNATIVE) or in combination with statins significantly reduced the LDL-C level in several different patient types. Positive results from four other ODYSSEY trials (including the MONO trial) have already read out, and results from these ten ODYSSEY trials will form the basis for US and EU filings of alirocumab, which will be submitted by YE14. We anticipate US approval in mid-2015 with Priority Review status for the alirocumab filing. Four additional ODYSSEY trials (CHOICE I, CHOICE II, OLE, and OUTCOMES) will read out primary endpoints in 2015 and beyond. Given the strong efficacy on top of already substantial lipid lowering regimens, as well as a clean safety profile, we raise our target price to $450 from $390 because we project approval and rapid adoption for alirocumab as incrementally likely.” Regeneron Pharmaceuticals closed on Wednesday at $415.25.