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Chardan Upgrades Regeneron; Cites Fovista Failure, Stock's Recent Underperformance

Chardan Upgrades Regeneron; Cites Fovista Failure, Stock's Recent Underperformance
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Regeneron Pharmaceuticals Inc (NASDAQ: REGN) has underperformed Amgen, Inc. (NASDAQ: AMGN) as well as the NBI year-to-date in 2016, while a key threat, in the form of Ophthotech Corp (NASDAQ: OPHT)'s Fovista, has been eliminated.

Chardan Capital’s Gbola Amusa upgraded the rating on Regeneron Pharma from Sell to Neutral, while raising the price target from $300 to $350.


Amusa mentioned that the stock has declined 23 percent since January 22, 2016, as compared to the 8 percent decline in Amgen shares and a 6 percent decline in Nasdaq Biotech.

“Although we continue to have caution on the potential for Praluent to be taken off the US market or for a substantial royalty to be paid from Regeneron and partner Sanofi SA (ADR) (NYSE: SNY) to Amgen, the recent underperformance of Regeneron suggests better market appreciation of Praluent patent risks,” the analyst stated.

Risk Eliminated

In addition, with the announced failure of Fovista, on December 12, in the pivotal Phase III trials in wet AMD, Amusa believes an important risk to Regenron’s Eylea franchise for the same ailment has been “neutralized”.

At Last Check

Latest Ratings for REGN

Dec 2017Deutsche BankInitiates Coverage OnHold
Dec 2017CitigroupDowngradesBuyNeutral
Nov 2017BTIG ResearchMaintainsBuyBuy

View More Analyst Ratings for REGN
View the Latest Analyst Ratings

Posted-In: Analyst Color Biotech News Upgrades Health Care Price Target Analyst Ratings Movers Best of Benzinga


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