Canaccord downgraded Regeneron Pharmaceuticals to Hold from Buy with a price target of $720, down from $953. The Complete Response Letter for high dose Eylea could suggest non-trivial inspection issues, requiring a six-month review, longer than investor and company expectations, the analyst tells investors in a research note. The firm says Eylea revenues may continue to be pressured in 2023, with high dose approval delayed until potentially early 2024, prolonged Vabysmo competition, and more discounting. Thus, it moves to the sidelines, believing a six-month class 2 review is likely, rather than a two-month class 1 review, as many investors expect.
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