Wells Fargo lowered the firm’s price target on Regeneron (REGN) to $1,050 from $1,200 and keeps an Overweight rating on the shares. Given Regeneron’s failure to secure a stay against Amgen’s (AMGN) Eylea biosimilar, the firm thinks the base case should be that Amgen launch is imminent. However, Wells thinks Regeneron is still a buying opportunity given stock weakness.
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