Truist, however, kept a ‘Buy’ rating on the shares.
Truist on Monday lowered its price target on Regeneron (REGN) to $812 from $940, citing concerns with the company’s Eylea drug. The firm, however, kept a ‘Buy’ rating on the shares.
The near-term investor focus remains on Eylea and Eylea HD uptake, though Regeneron continues to deliver growth on its top and bottom line with Dupixent and Libtayo programs, the analyst told investors in a research note. On Stocktwits, retail sentiment around the stock trended in the ‘bearish’ territory over the past 24 hours, coupled with ‘low’ message volume.
A user further opined that the range of $400-$450 is a good entry point for the stock.
Eylea is approved to treat vision-threatening conditions that impact patients, such as diabetic retinopathy (DR), macular edema following retinal vein occlusion (RVO), and wet age-related macular degeneration (wAMD). Eylea HD, meanwhile, is a version of the drug that requires fewer injections.
Regeneron maintains exclusive rights to Eylea and Eylea HD in the U.S. Bayer has licensed the exclusive marketing rights outside of the U.S., where the companies share equally the profits from sales of the two products. In the second quarter, total Eylea U.S. net sales decreased 25% to $1.15 billion, while Eylea HD U.S. net sales increased 29%.
The company also said that it expects its regulatory approvals to be delayed for its currently pending U.S. Food and Drug Administration applications for Eylea HD, which were supposed to be decided on by August 2025.
The anticipated delay, the company said, is related to observations from an FDA general site inspection at the filler for Eylea HD in these regulatory applications, Catalent Indiana LLC. This inspection was completed in mid-July and was not specific to Eylea HD. Novo Nordisk recently acquired Catalent.
The company, however, expressed optimism for a quick resolution of the filling issues for Eylea HD, citing its progress with alternate third-party fillers and Novo Nordisk’s communications with the FDA.
According to data from Koyfin, 16 of 24 analysts covering Regeneron rate it ‘Buy’ or higher, while seven rate it a ‘Hold,’ and one rates it a ‘Strong Sell.’
The stock has an average price target of $708.91, representing an upside of about 28%.
REGN stock is down by 22% this year and by about 51% over the past 12 months.
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