Market Overview

J.P. Morgan Initiates Coverage on Regeneron Pharmaceuticals


J.P. Morgan Chase & Co. is out with a research report on Regeneron Pharmaceuticals (NASDAQ: REGN) and is initiating coverage with a Neutral rating and a $60 price target on shares.

In a note to clients, J.P. Morgan Chase & Co. writes, "Regeneron is a leader in the midcap biotech space with an impressive track record of innovation. The company is now evolving into a more commercial enterprise with the upcoming US launch of Eylea for wet age-related macular degeneration (wet AMD), an eye disease that ultimately can cause blindness. We expect full approval on the Nov. 18th PDUFA date for Eylea. Though the late stage pipeline is deep (Zaltrap for colon cancer; Arcalyst for gout) and the mid-stage pipeline has value (REGN727 for hypercholesterolemia; REGN88 for arthritis), the key driver is by far the US Eylea launch. In this respect, we believe that a robust launch is widely expected and while there is clear clinical differentiation of Eylea, we think that competitor Avastin should remain a low-cost, market share leader in wet AMD."

Shares of REGN closed at $55.43 yesterday.

Posted-In: J.P. Morgan Chase & Co.Analyst Color Price Target Initiation Analyst Ratings


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