Regeneron (REGN) Shares Trade Up on FDA Alert on Avastin

Shares of Regeneron Pharmaceuticals Inc. (Nasdaq: REGN) are trading higher Wednesday afternoon (although well off session highs) following an FDA alert which warned repackaged injections of Roche’s Avastin led to a number of serious eye infections in the Miami area.

The stock last traded at $60.56, up 1.9 percent from Tuesday's closing price.

Joseph Pantginis, an analyst at Roth Capital, suggests the news bodes well for Regeneron's Eylea as the product will likely be approved on November 18. While Avastin is expected to be cheaper than the Regeneron product, efficacy data does not support using Avastin once every-other-month as it does for Eylea, Pantginis said.

Roth Capital maintains a Buy rating and $65 price target on shares of Regeneron.

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