Jefferies Reiterates Hold, $66 PT On Regeneron

In a note out today, Jefferies reiterateda hold rating and $66 price target on Regeneron Pharmaceuticals

, saying the company's Eylea treatment “appears to offer no meaningful advantage in efficacy or dosing post-Yr 1 at an uncompetitive price, translating to increased challenges against gaining mkt share from Lucentis/Avastin.” “We believe Eylea will face challenges in gaining market share from Lucentis with the Avastin segment virtually a lost cause. With these results, we believe it would be challenging to convince physicians or patients to switch from Lucentis to Eylea given Lucentis' extensive clinical experience and entrenched position and the lack of meaningful advantage offered by Eylea,” Jeffeies said in the note.