Baird Cuts Price Target on Regeneron (REGN) to $505; Reiterates Outperform
Baird maintained an Outperform rating on Regeneron Pharma (NASDAQ: REGN), and cut the price target to $505.00 (from $526.00), following the company's 1Q earnings report. EPS of $2.57 was reported in-line with expectations. Baird continues to believe that the copmant can deliver growth over the next few quarters.
Analyst Brian Skorney commented, "Regeneron reported earnings in line with expectations at $2.57 in non-GAAP diluted EPS. With continued strength in Eylea, and two late-stage therapies set for possible launch within the next 12-15 months, we expect Regeneron to continue to deliver solid growth over the next few quarters. We reiterate our Outperform rating. That said, we expect Praluent to continue its weak showing, and are lowering our price target to $505."
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Shares of Regeneron Pharma closed at $360.64 yesterday.