Deutsche Bank Raises Regeneron's Price Target To $425

Regeneron (NASDAQ: REGN) moved higher on the Tuesday session to top at $337 from the $313 open. The stock faded towards the later part of the session. In a mid-day note on Tuesday, Deutsche Bank reiterates its buy rating, and raised their price target from $410 to $425. Deutsche Bank mentions the solid earnings results and the beat on expectations for Regeneron's highest grossing drug, Eylea:“Eylea 2Q sales in the US were $415M vs. $410M consensus. In 1Q'14 the company did $359M in Eylea Us sales. Since 1Q'14 sales were impacted by weather and inventory this growth was expected in 2Q. The co reaffirmed 2014 full year guidance at $1.7-$1.8B. We note that this guidance means ~$925-$1025M sales in 2H'14 vs. ~$775M sales in 1H'14. Per our calc this suggests ~$50-$150M incremental sales in DME in 2H'14.”