Regeneron price target lowered to $1,150 from $1,200 at Oppenheimer

Oppenheimer analyst Matthew Biegler lowered the firm’s price target on Regeneron (REGN) to $1,150 from $1,200 and keeps an Outperform rating on the shares. The company reported Q3 revenue in line with bullish estimates and a beat on earnings growth, but the stock faces continued headwinds related to Regeneron’s Eylea franchise and the threat of biosimilar competition, the analyst tells investors in a research note. The firm says that while it is too early to quantify the impact Amgen’s biosimilar will have, its “gut tells us this is an over-reaction, especially considering the lackluster launch of lucentis biosimilars recently.” The Street clearly didn’t like the pace of Eylea HD switches, causing another leg down in the stock today, says Oppenheimer.