Regeneron price target lowered to $800 from $865 at BMO Capital

BMO Capital lowered the firm’s price target on Regeneron (REGN) to $800 from $865 and keeps an Outperform rating on the shares after its Q1 earnings miss. Eylea headwinds were expected to be numerous in Q1, but biosimilar competition, lack of patient assistance charity funding, Vabysmo competition, and inventory destocking all contributed to a worse-than-expected print, the analyst tells investors in a research note. Destocking dynamics are less consequential, but Regeneron’s CRL for the HD PFS – high-dose pre-filled syringes – from the FDA this month could hamper sales growth in the second half of the year, BMO adds.