Regeneron Pharma (REGN) PT Lowered to $1,195 at Piper Sandler

Piper Sandler analyst Christopher Raymond lowered the price target on Regeneron Pharma (NASDAQ: REGN) to $1,195.00 (from $1,242.00) while maintaining a Overweight rating.

The analyst commented, "Remain OW rated on REGN shares, and while we recognize management’s body language around slower-than-anticipated uptake of Eylea HD does not inspire confidence, we believe today’s stock reaction (down ~11%) represents a serious overreaction. Clearly, the VEGF/eye space has seen meaningful upheaval in just the last few weeks, with AMGN’s announced plans to launch PAVBLU at risk and Avastin supply disruption serving as meaningful cross-winds. However, with the stock having lost some ~$45B in market cap from its highs, now trading at ~16X our FY25 EPS estimate, we think any risk to numbers has been more than accounted for in this pull-back. For our part, we are trimming our broader Eylea franchise estimate through 2027, which results in a new $1,195 target. Bottom line, given our view that any worst-case scenario is more than priced in at this point, we urge patience here. Remain buyers."

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