Regeneron Pharma (REGN) PT Trimmed to $511 at Leerink Partners
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Leerink Partners analyst Geoffrey Porges trims its price target on Regeneron Pharma (NASDAQ: REGN) to $511.00 (from $530.00) but maintains an Outperform rating amid solid Q2 results.
Porges commented, "Regeneron announced solid 2Q16 results, with Eylea beating by 2% in the US and 5% overall; total revenue missed by 2%, largely based on an unexpected decline in Sanofi (OP) R&D reimbursement. Near term, decreasing Sanofi collaboration revenue contributions and escalating expenses are likely to put pressure on earnings and cash flow for the next 6-12 months. We remain positive about Regeneron’s product portfolio, strategy, management, and long-term potential, but are reducing our revenue forecasts by 4-5% near term and 2-3% longer term. As a result of these changes our price target declines from $530 to $511, but we are maintaining our Outperform rating."
Shares of Regeneron Pharma closed at $433.40 yesterday.
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