Baird Reiterates Outperform on Regeneron (REGN) Following Positive Phase III Data
Baird reiterated an Outperform rating and $526.00 price target on Regeneron Pharma (NASDAQ: REGN) following the company's release of Dupilumab's phase III atopic dermatitis phase III data. The two Phase III studies, SOLO 1 and SOLO 2, enrolled 1,379 adult patients with moderate-to-severe AD. The FDA's primary endpoint was a score of clear/almost clear on the Investigator Global Assessment (IGA) scale. Between the two studies, 36-37% of the 300mg/wk group and 36-38% in the 300mg every other week group achieved IGA 0 or 1, versus 8.5-10% on placebo (p<0.0001).
Analyst Brian Skorney commented, "Regeneron and Sanofi released positive top-line data for dupilumab in two Phase III trials for atopic dermatitis (AD). Given the large addressable patient population, lack of available therapies, and promising top-line results, we think there is potential for a blockbuster approval here next year. We are reiterating our Outperform rating."
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Shares of Regeneron Pharma closed at $360.44 yesterday.