RBC Capital notes that it was announced that the Court of Appeals denied Regeneron’s (REGN) motion for an emergency injunction and the temporary stay has been lifted. The Court of Appeals, however, did grant agreed-upon expedited briefing and oral argument in this appeal, with an oral hearing scheduled to be held in January 2025. Though Amgen (AMGN) is now more able to launch their biosimilar Eylea at risk, the firm sees “multiple reasons why downside from here is not warranted,” arguing that the worst case is “likely already more than baked in.” The firm, which adds that it would buy on weakness, has an Outperform rating and $1,260 price target on Regeneron shares.
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