Regeneron Pharma (REGN) PT Raised to $1,170 at Argus

Argus analyst Jasper Hellweg raised the price target on Regeneron Pharma (NASDAQ: REGN) to $1,170.00 (from $1,060.00) while maintaining a Buy rating.

The analyst comments "• Raising target price to $1,170 • We expect Regeneron to benefit from positive developments over the next 12 months, including potential FDA and European Commission approvals of linvoseltamab as a treatment for relapsed/refractory multiple myeloma and for Dupixent as a treatment for uncontrolled chronic obstructive pulmonary disease (COPD). • The FDA has also accepted for Priority Review an application for Dupixent as an add-on maintenance treatment for adolescents aged 12 to 17 years with inadequately controlled chronic rhinosinusitis with nasal polyposis (CRSwNP), setting a target action date of September 15, 2024. • Elsewhere in the companys portfolio, Regeneron recently received FDA approval for Kevzara for the treatment of patients weighing 63 kg or greater with active polyarticular juvenile idiopathic arthritis (pJIA), a form of arthritis that impacts multiple joints at a time. • Meanwhile, the FDA has also extended the approval of Praluent as an adjunct to diet and other low-density lipoprotein cholesterol (LDL-C) lowering therapies to include pediatric patients aged 8 and older with heterozygous familial hypercholesterolemia (HeFH). • REGN stock appears favorably valued at 24-times projected 2024 earnings, below the peer average of 25."

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