JPMorgan lowered the firm’s price target on Regeneron (REGN) to $1,150 from $1,200 and keeps an Overweight rating on the shares. The firm updated estimates following the recent Eylea biosimilar updates. It views the recent weakness in the shares as a buying opportunity. While lowering Eylea forecasts, JPMorgan expects Eylea HD will continue to ramp steadily while pricing will likely remain manageable with only one near-term biosimilar competitor. Furthermore, with the shares down 20% from all-time highs in late-August, the stock’s valuation is returning to more attractive levels, particularly as we near a number of pipeline readouts, the analyst tells investors in a research note.
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Read More on REGN:
- Regeneron price target lowered to $1,080 from $1,220 at Barclays
- Amgen to launch U.S. Eylea biosimilar, Reuters reports
- Regeneron price target lowered to $1,050 from $1,200 at Wells Fargo
- RBC would buy Regeneron on weakness with biosimilar Eylea priced in
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