Regeneron price target lowered to $789 from $816 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the firm’s price target on Regeneron (REGN) to $789 from $816 and keeps a Sector Perform rating on the shares. The FDA’s surprise manufacturing-related CRL for high-dose Eylea should be resolvable and the strong 2-year diabetic macular edema data should help defend the drug vs. competition in the long term, but approval and the subsequent reimbursement timeline push-out increases susceptibility to some additional near-term erosion from Roche’s (RHHBY) Vabysmo and narrows any potential window to convert patients before biosimilar entry, the analyst tells investors in a research note.