Morgan Stanley backs Overweight on Regeneron after Amgen temporarily enjoined

Morgan Stanley reiterated an Overweight rating and $1,247 price target on Regeneron (REGN) after the Federal Circuit issued an order to temporarily enjoin Amgen (AMGN) from launching its Eylea biosimilar until further notice. The firm noted that the West Virginia judge denied Regeneron’s request for a preliminary injunction against bEylea, though in an emergency motion filed yesterday by Regeneron, it indicates that “Amgen informed its customers that it intends to launch its biosimilar ‘at risk,’ and that it will be available as early as October 1st.” The firm expects events to evolve quickly over the next few weeks and will continue to monitor the appeal docket “closely.”