BofA Securities analyst Tazeen Ahmad reiterated a Buy rating and $860.00 price target on Regeneron Pharma (NASDAQ: REGN)

The analyst comments: “Regeneron (REGN) announced that the phase 3 trial evaluating fianlimab (LAG-3i) + cemiplimab (PD-1i) versus pembrolizumab monotherapy in first line metastatic melanoma did not meet the primary endpoint. While the phase 2 results suggested potential for differentiation, we were cautious on a positive outcome given LAG-3 has been a largely disappointing mechanism and the slow event accrual that led to multiple delays and protocol amendments. Importantly, we did not assign standalone value for the program as we thought even with a positive trial the bar for meaningful clinical differentiation was high. We expect REGN shares to trade down given the LAG-3 readout was top of mind for investors, but we viewed this as a call option rather than central to our thesis and see any weakness as a particularly attractive buying opportunity. We maintain our Buy with $860 PO.”

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Shares of Regeneron Pharma closed at $698.25 yesterday.