Jefferies Cuts Price Target on Regeneron (REGN) Following District Court Ruling

Jefferies maintained a Hold rating on Regeneron Pharma (NASDAQ: REGN), and cut the price target to $349.00 (from $394.00), following a decision by the District Court of Delaware. Judge Sue Robinson at the District Court of Delaware ruled in favor of Amgen (NASDAQ: AMGN) on the permanent injunction against SAN.FP/REGN's Praluent.

Analyst Biren Amin commented, "The District Court of Delaware today ruled in favor of AMGN on the permanent injunction against SAN.FP/REGN's Praluent. While the public interest argument weighed in SAN.FP/REGN's favor, it was not enough to overcome other factors favoring AMGN. SAN.FP/REGN are likely to appeal, but there is precedence that the Appeals Court doesn't necessarily favor public interest arguments. We have removed Praluent from our model starting in 2018, lowering our PT to $349."

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 $380.92 yesterday.

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