Regeneron Pharmaceuticals Inc. reported positive data from its Phase 3 trial evaluating REGEN-COV in recently infected asymptomatic COVID-19 patients. REGEN-COV is a combination of casirivimab and imdevimab.
The combination reduced the overall risk of progression to symptomatic COVID-19 by 31%, which was its primary endpoint, and by 76% after the third day. This trial also showed that REGEN-COV decreased the duration of symptoms as well as viral levels.
Regeneron (REGN) President and Chief Scientific Officer, George D. Yancopoulos, M.D., Ph.D., said, “These Phase 3 data provide even more evidence that REGEN-COV, this time given to asymptomatic patients via convenient injections, can change the course of COVID-19 infection in non-hospitalized patients.”
Yancopoulos added, “In this trial, the REGEN-COV antibody cocktail effectively prevented asymptomatic patients from becoming symptomatic, and rapidly lowered their viral load.” (See Regeneron stock analysis on TipRanks)
This trial met all primary and key secondary endpoints as well as demonstrated that the total number of weeks where patients experienced symptoms were almost halved (45%) with the combination. Additionally, the viral burden was lowered by more than 90%.
At present, under emergency use authorization, REGEN-COV is used in the U.S. for treating mild-to-moderate COVID-19 in adults and children above 12 years of age.
Last month, Leerink Partners analyst Geoff Porges reiterated a Buy rating on the stock with a $657 price target (38.3% upside potential).
Commenting on positive topline results from Regeneron’s REGN-COV2 Phase 3 trial in high-risk non-hospitalized patients, Porges said, “REGN-COV2 is well positioned to play a complementary role to vaccines as it appears to be the most effective antibody against emerging immune-resistant variants.”
Overall, the consensus among analysts is that Regeneron is a Moderate Buy, based on 9 Buys and 6 Holds. The average analyst price target of $633.92 implies an upside potential of 33.4%. Shares have dropped about 21.1% over the past six months.
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