Regeneron downgraded at Evercore citing eyecare landscape
Sharamand/iStock via Getty Images


Regeneron (NASDAQ:REGN) shares slipped in the pre-market trading Monday after Evercore ISI downgraded the biotech to In Line from Outperform, citing the need for clarity over the company's prospects in ophthalmology led by Wet AMD medication Eylea.

In September, REGN said that a higher dose of the blockbuster therapy achieved noninferiority to the standard regimen in two pivotal trials with less frequent administration.

However, citing the data and surveys with investors and retina specialists, Evercore says there is no clear basis to raise its $760 per share price target on REGN.
Until clarity emerges over the prospects of Eylea, the rival therapy Vabysmo from Roche (OTCQX:RHHBY) (OTCQX:RHHBF), and biosimilars, the analysts opt to downgrade the stock.
Eylea injection, marketed by REGN in partnership with Bayer (OTCPK:BAYZF) (OTCPK:BAYRY), added $9.4B in net sales in 2021 with ~19% YoY growth.