Deutsche Bank Says Fovista Will Be Complement to Regeneron's (REGN) Eylea, Not Competitor

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Regeneron Pharma (Nasdaq: REGN) shares are down more than 8 percent Wednesday morning following an earlier release from Ophthotech which showed a clinical study of its Fovista returned statistically-significant superior efficacy over Lucentis. This was the first-ever clinical trial to to see better results than the Regeneron candidate.

Amid the sharp downside in the stock, Deutsche Bank just issued a note defending Regeneron and its Eylea. The firm said Fovista is in fact not a competitor to Regeneron's Eylea, and instead "should be considered an add-on therapy to ANY anti-VEGF agent." Deutsche Bank concluded, "Being the best anti-VEGF in the market, Eylea should be able to maintain trajectory and be well-established in anti-VEGF market before Fovista arrives."

The firm maintains a Buy rating and $165 price target on shares of Regeneron.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Regeneron.

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