Regeneron Pharma (REGN) PT Lowered to $1,170 at Evercore ISI
Evercore ISI analyst Cory Kasimov lowered the price target on Regeneron Pharma (NASDAQ: REGN) to $1,170.00 (from $1,175.00) while maintaining a Outperform rating.
The analyst comments "It’s been all tricks and no treats for REGN. Following today’s 3Q print, shares are off another ~10% as investors continue to begrudge Eylea 2mg biosim headwinds & Eylea HD’s trajectory. While these are undeniably valid concerns, shares have been cut by ~28% ($319/sh) or ~$37B in value. One could argue that’s more than what this franchise was even worth. Whether or not this is the bottom is hard to say, but it’s easy to make a valuation argument. Moreover, with Eylea expectations clearly reset, perhaps investors can look – once the dust has settled – to Dupi’s ongoing growth, a plethora of upcoming data readouts, and a substantial cash hoard."