Regeneron Pharma (REGN) PT Trimmed to $511 at Leerink Partners

August 5, 2016 8:03 AM EDT
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Price: $363.73 -2.02%

Rating Summary:
    19 Buy, 18 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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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."

For an analyst ratings summary and ratings history on Regeneron Pharma click here. For more ratings news on Regeneron Pharma click here.

Shares of Regeneron Pharma closed at $433.40 yesterday.

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