UPDATE: Oppenheimer Raises PT on Regeneron Pharmaceuticals Following Results of VIVID & VISTA Studies

In a report published Monday, Oppenheimer analyst David Ferreiro reiterated an Outperform rating on

, and raised the price target from $300.00 to $310.00. In the report, Oppenheimer noted, “Following up on its announcement of top-line results in July, REGN presented full results from its pivotal VIVID and VISTA studies for Eylea in diabetic macular edema (DME) at two conferences this past Friday. As expected, Eylea performed strongly in Phase III, with both Q4W and Q8W regimens delivering comparable efficacy to Lucentis. REGN reiterated its plans to file for approval in DME by year-end 2013 using the 12-month data. Given these positive data and our previous survey work (refer to our Aug '13 REGN initiation for details), we believe Eylea will be the favored anti-VEGF in DME.” Regeneron Pharmaceuticals closed on Friday at $305.65.