Regeneron price target lowered to $1,004 from $1,126 at Truist

Truist lowered the firm’s price target on Regeneron (REGN) to $1,004 from $1,126 but keeps a Buy rating on the shares as part of a broader research note previewing FY25 for large-cap biopharma. The sector has underperformed the SP500, and with uncertainty around macro environment, investors have remained cautious, the analyst tells investors in a research note. Truist adds however that tailwinds for the sector could emerge from continued execution on launches, mid-stage growth, key catalysts, and an incoming administration potentially being more pro-pharma than expected. For the company, the firm is adjusting its model to reflect the loss of exclusivity for Dupixent in Europe in 2032 but also points to encouraging data emerging from Regeneron’s robust pipeline across Immunology and inflammation, oncology and internal/genetic medicines.