Regeneron Pharma (REGN) PT Lowered to $320 at Canaccord Genuity

Canaccord Genuity analyst John Newman lowered the price target on Regeneron Pharma (NASDAQ: REGN) to $320.00 (from $353.00) while maintaining a Hold rating.

Analyst comments: "REGN’s core EYLEA revenues may be pressured due to FDA approval of
NVS’ Beovu in wet Age Related Macular Degeneration (AMD), but competition may be manageable. NVS’ Beovu may provide less frequent dosing vs. EYLEA, but we await realworld experience for the drug. We are lowering our PT from $353 to $320 based on the further deterioration of investor sentiment and the added risk of additional competitors to REGN's largest product. From these factors, we move our PE multiple from 15x to 14x, as we already take into account some competition in our Eylea revenue model."

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