Canaccord analyst John Newman upgraded Regeneron (REGN) to Buy from Hold with a price target of $992, up from $720, after the FDA approved high dose EYLEA earlier than expected. The approval should allow Regeneron to regain share from Roche’s (RHHBY) Vabysmo and “re-ignite EYLEA growth,” says the analyst, who notes that high dose EYLEA is priced at $2,625 per vial WAC, or about a 20% premium to Roche’s Vabysmo and 42% premium to low dose EYLEA. The firm, which had previously expected a Class 2 response and early 2024 approval, believes the Street has expected approval later in Q2 and was “very impressed” with the rapid high dose EYLEA approval coming only 1.9 months after a Complete Response Letter.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on REGN:
- Regeneron Stock (NASDAQ:REGN): Analysts are Bullish Post FDA Approval
- Regeneron price target raised to $830 from $820 at RBC Capital
- Regeneron price target raised to $985 from $960 at BMO Capital
- Regeneron price target raised to $980 from $875 at Wells Fargo
- Regeneron price target raised to $1,050 from $950 at Oppenheimer