Regeneron Plunges From Open After Earnings; Stock Still Higher

Shares of high-flying Regeneron Pharmaceuticals REGN opened Wednesday's trading session strongly higher after reporting its Q2 earnings before the opening bell. Despite falling precipitously from the open, REGN shares are still up 4% on the day. The company reported net income of $76.74 million or $0.70 per share, compared to a net loss of $62.50 million or $0.69 per share, in the year ago period. On an adjusted basis, which is comparable to analysts' consensus, the company earned $101.68 million or $0.90 per share, compared to a net loss of $50.11 million or $0.55 per share, in last year's corresponding quarter. This came in well ahead of Wall Street analysts' consensus EPS estimates of $0.27. Revenues in the quarter were $304.39 million compared to $107.90 million last year. This was considerably more than the consensus revenue estimate of $257.05 million. Despite the fact that the stock is up around 4% on Wednesday, the stock may not be fully reflecting the strength of Regeneron's results. There were clearly a number of big sellers at the open on Wednesday which drove the stock down. In mid-day trading, REGN is attempting to recover and could test its recent highs in coming days.