Jefferies Trims Target on Regeneron Pharma (REGN) After Arcalyst News, Keeps Buy Rating

Jefferies trimmed its price target on Regeneron Pharma (NASDAQ: REGN) from $163 to $161 after the FDA rejects arcalyst for gout flares but maintained their Buy rating.

The firm comments, "In an unsurprising outcome, the FDA's Arthritis Advisory Committee voted 11-0 recommending against approval of REGN's Arcalyst as a short-term treatment for gout flares. Given the bearishness of the FDA's review documents released on Friday, the outcome appears in line with the tone of the briefing documents. However, the gout flares indication represents little value (~$2/share), and therefore we reiterate our Buy rating."

FY12 EPS rises from $0.38 to $0.64 and FY13 from $3.13 to $3.44.

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 $130.93 yesterday.

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