UPDATE: Canaccord Genuity Initiates Coverage on Regeneron Pharmaceuticals on Expected Continued Pipeline Success - Regeneron Pharmaceuticals (NASDAQ:REGN)

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In a report published Wednesday, Canaccord Genuity analyst John Newman initiated coverage on

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Regeneron Pharmaceuticals

(NASDAQ: REGN) with a Buy rating and $350.00 price target.In the report, Canaccord Genuity noted, “We are initiating coverage of Regeneron with a BUY rating and $350 price target. Regeneron has the top pipeline in biotech, in our view, with two Phase 3 validated drugs in development, and an additional Phase 2 validated asset. We expect continued pipeline success to drive long-term growth going forward.”Regeneron Pharmaceuticals closed on Tuesday at $288.08.