BMO Capital analyst Jim Birchenough reiterated a Market Perform rating and $381 price target on Regeneron Pharma (NASDAQ: REGN) following yesterday's FDA panel review of PRALUEN.

Birchenough commented, "While the ultimate vote was positive and should support approval, we believe that panel member commentary could result in narrower-than-expected labeling. In particular, we see a reasonable likelihood of initial labeling restricted to 900,000 patients with HeFH. We continue to expect a slow launch and would take a wait-and-see approach to labeling."

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Shares of Regeneron Pharma closed at $526.09 yesterday.

Analyst Comments FDA

AdCom Approval, Reservations on Praluent Largely Inline with Expectations; Roth Affirms Regeneron (REGN) at 'Neutral'June 10, 2015 7:54 AM RBC Capital Comments on Regeneron (REGN) Following 'Unexpectedly Cautious' AdcomJune 10, 2015 7:09 AM Regeneron (REGN) Resumes Trading Up 1%June 9, 2015 6:50 PM FDA Advisory Committee Recommends Approval of Sanofi and Regeneron's Praluent® (alirocumab) Injection for Patients with HypercholesterolemiaJune 9, 2015 6:40 PM Regeneron (REGN) to Resume Trading at 6:50PM ETJune 9, 2015 6:36 PM Regeneron (REGN) Confirms FDA Panel Backing of PraluentJune 9, 2015 6:34 PM FDA Advisory Committee Recommends Approval of Regeneron and Sanofi's Praluent® (alirocumab) Injection for Patients with HypercholesterolemiaJune 9, 2015 6:30 PM Regeneron (REGN) and Sanofi's (SNY) Praluent Wins FDA Panel Backing - BloombergJune 9, 2015 4:52 PM