Regeneron price target lowered to $950 from $1,000 at Oppenheimer

Oppenheimer lowered the firm’s price target on Regeneron (REGN) to $950 from $1,000 and keeps an Outperform rating on the shares. Shares have been under pressure ever since Amgen (AMGN) made its biosimilar EYLEA aspirations known last September, and investors have been risk averse to the uncertainty surrounding Regeneron’s founding franchise, especially with EYLEA HD’s ramp underperforming expectations, the analyst says. Results from a prescriber survey suggest a floor could be near, with one-third of respondants expecting to prescribe moderate amounts of biosimilar EYLEA over the next year, suggesting that branded EYLEA could have a larger moat than expected.