Regeneron price target raised to $1,200 from $1,185 at RBC Capital

RBC Capital raised the firm’s price target on Regeneron (REGN) to $1,200 from $1,185 and keeps an Outperform rating on the shares. With detailed Phase 3 Dupixent BOREAS and NOTUS studies and the recent positive Amgen (AMGN) / AstraZeneca (AZN) Tezspire COPD Phase 2 study data all available, the firm’s deep dive analysis comparing the studies and respective baseline characteristic suggests that in a similarly severe population as what Amgen / AstraZeneca studied, Dupixent would have performed better and looked more comparable to Tezspire, making it less likely that the agent will be perceived as substantially outperforming Dupi after Phase 3, the analyst tells investors in a research note. RBC is adjusting its Dupixent COPD estimates to $5.5B or more while boosting its price target on Regeneron.