Morgan Stanley 'Encouraged' on Regeneron Pharma (REGN)

Morgan Stanley analyst Matthew Harrison reiterated an Equalweight rating and $625.00 price target on Regeneron Pharma (NASDAQ: REGN).

The analyst comments "Majority of patients maintained out to 12-/16-wks: Mgt. reported that both pivotal Ph3trials testinghigh dose Eylea (8 mg) with 12- and 16-wk dosing regimens compared to low dose Eylea (2 mg,every 8-wks) meet primary endpoints. The PHOTON trial in DME and PULSAR trial in wAMD both achieved non-inferiority in vision gains compared to the low dose. We are encouraged by 79% and 77% of wAMD patients being maintained on 12-wk and 16-wk dosing interval. We expect investors to debate the significance of the mean observed BCVA improvement in wAMD of 6.7 and 6.2letters compared to 7.6 with low dose, but we note that anatomical changes (CSF) were better with the high dose (63% vs.52%, p=0.0002) which we think drives commercial uptake. Safety profile of high dose is consistent with prior trials. Overall, we are encouragedby high dose Eylea's efficacyin both wAMD and DME andexpect REGN tobe upon the news."

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 $596.44 yesterday.

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