Regeneron (REGN): Dermatology Survey Confirms Bullish Outlook - Leerink
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Leerink Partners analyst, Geoffrey Porges, reiterated his Outperform rating on shares of Regeneron Pharma (NASDAQ: REGN) as expectations appear to be low while the number of positive data points is increasing.
Investors now expect drug launches to disappoint, and REGN/SNY’s dupilumab is one of the most important events on the calendar in 2017. After the recent positive SOLO phase III results the analyst increased his confidence, probability of success and forecast for the drug’s long term potential and a recent survey confirmed the analyst's optimism.
He followed up with a large fundamental survey (n=50) of dermatologists regarding the phase III results and how they plan to use dupilumab. The level of enthusiasm surprised him for the data, the medication, and intended prescribing. Surveys can be misleading, especially before the payer cost containment policies are implemented however, if the survey results translate into real world adoption, the company could see significantly faster revenue growth than the Street is modeling. These results are consistent with the bullish outlook about dupilumab’s potential, and the prospects for Regeneron.
No change to the price target of $513.
Shares of Regeneron Pharma closed at $362.25 yesterday.
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