Chardan Capital Markets Starts Regeneron Pharma (REGN) at Buy

Chardan Capital Markets initiates coverage on Regeneron Pharma (NASDAQ: REGN) with a Buy rating and a price target of $560.00.

Analyst Gbola Amusa commented, "We continue our roll out of coverage of companies exposed to sub-sectors of biotech that are likely to generate excess returns for investors in the coming 5 to 10 years. Having already appreciated Regeneron in our recent research as a central player in the high-growth (13% CAGR to 2020) anti-VEGF and anti-VEGF combo ophthalmology market, we now additionally turn our attention to REGN's soon-to-launch anti-PCSK9 antibody Praluent, which our lead analyst, per company feedback years ago, was perhaps the first to recognize and model as a blockbuster asset in the cardiovascular market. With the recent ODYSSEY data release, we continue to see the anti-PCSK9 class as paradigm-shifting and now publish our anti-PCSK9 market model which shows the market growing to $14.9bn in 2020 sales, of which Praluent is $6.8bn. We anticipate REGN will share further in the economics from $7.0bn of sales in 2020 from its partnered ophthalmology franchise. These dynamics drive our forecast of 25% 2014 to 2020 non-GAAP EPS CAGR (44% GAAP EPS CAGR). With a 2016 3-year PEG of 1.1, REGN has upside potential, as supported by our DCF-derived PT of $560."

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 $486.02 yesterday.

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