UPDATE: Piper Jaffray Raises PT on Regeneron Pharmaceuticals Following Presentation of EYLEA DME Data

In a report published Monday, Piper Jaffray analyst Edward A. Tenthoff reiterated an Overweight rating on

, and raised the price target from $336.00 to $360.00. In the report, Piper Jaffray noted, “On Saturday 9/28, Regeneron presented Phase III data on EYLEA in Diabetic Macular Edema (DME) at the Retina Society Meeting in Los Angeles. The data clearly supports label expansion with blockbuster potential even competing with approved Lucentis and off-label Avastin. We expect supplemental BLA approval in late 2014 with U.S. sales of $56 million in 2H:14, $177 million in 2015 and $993 million by 2020. We look for initial Phase III data from the ODYSSEY-MONO trial of anti-PCSK9 antibody alirocumab near-term. We reiterate our Overweight rating and are increasing our price target to $360 from $336 by applying a 35x multiple to our 2014 non-GAAP EPS of $10.29.” Regeneron Pharmaceuticals closed on Friday at $305.65.