Regeneron price target lowered to $1,070 from $1,110 at Bernstein

Bernstein lowered the firm’s price target on Regeneron (REGN) to $1,070 from $1,110 and keeps an Outperform rating on the shares. Biotech more or less threaded water last year, underperforming both Pharma and the S&P for the 4th year running, with rates and Trump/RFK policy uncertainty the key drivers, the firm says. The market is pricing in limited improvement in the rate outlook this year, a view Bernstein does not dispute.