Regeneron Pharma (REGN) PT Lowered to $800 at JPMorgan

JPMorgan analyst Chris Schott lowered the price target on Regeneron Pharma (NASDAQ: REGN) to $800.00 (from $950.00) while maintaining a Overweight rating.

The analyst comments "Following the recent IL-33 pipeline setback and significant selloff in shares, we are updating our estimates and wanted to share our updated thoughts on the REGN story from here. Overall, while the IL-33 update in late May was clearly disappointing, the product was never a core driver of our REGN model and the selloff in REGN shares appears very much overdone. At these levels, we believe Dupixent, Eylea and cash on hand alone support valuation well above current levels even if we were to assume zero pipeline contribution from the rest of the portfolio. With a number of catalysts expected over the next 6 months (including LAG3 data in melanoma as well as several potential Eylea updates), we continue to see a path to valuation starting to normalize for the story and remain OW rated (although we are consequently lowering our Dec-25 PT to $800 from $950)."

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