Regeneron Pharmaceuticals (NASDAQ:REGN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports. The firm presently has a $360.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 5.63% from the company’s current price.
According to Zacks, “Regeneron’s third-quarter results were impressive as the company beat on both sales and earnings, driven by the label expansion of blockbuster drug Eylea and strong Dupixent sales in moderate-to-severe atopic dermatitis and asthma. The company’s efforts to expand the label of its approved drugs Eylea and Dupixent, and concurrently develop the pipeline are encouraging. The immuno-oncology platform, which includes Libtayo and a wide portfolio of bispecific antibodies, is progressing well too. However, the company is highly dependent on Eylea for growth and the drug is expected to face competition by the end of the year, which will adversely impact sales. Pipeline setbacks are a concern as well. Shares have underperformed the industry in the year so far.”
REGN has been the topic of several other research reports. Credit Suisse Group raised their target price on shares of Regeneron Pharmaceuticals from $310.00 to $340.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Bank of America initiated coverage on shares of Regeneron Pharmaceuticals in a report on Wednesday, October 16th. They issued a “neutral” rating and a $325.00 target price on the stock. Guggenheim upgraded shares of Regeneron Pharmaceuticals from a “neutral” rating to a “buy” rating and raised their target price for the stock from $355.00 to $403.00 in a report on Monday, September 23rd. Citigroup upgraded shares of Regeneron Pharmaceuticals from a “neutral” rating to a “buy” rating and raised their target price for the stock from $340.00 to $420.00 in a report on Wednesday, November 6th. Finally, Oppenheimer dropped their target price on shares of Regeneron Pharmaceuticals from $480.00 to $430.00 in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Regeneron Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $386.00.
Regeneron Pharmaceuticals (NASDAQ:REGN) last issued its earnings results on Tuesday, November 5th. The biopharmaceutical company reported $6.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $5.13 by $1.54. Regeneron Pharmaceuticals had a net margin of 28.13% and a return on equity of 24.85%. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.98 billion. During the same quarter last year, the company posted $5.87 earnings per share. The firm’s quarterly revenue was up 23.2% on a year-over-year basis. On average, equities analysts expect that Regeneron Pharmaceuticals will post 18.91 earnings per share for the current year.
Regeneron Pharmaceuticals declared that its Board of Directors has authorized a stock buyback program on Tuesday, November 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the biopharmaceutical company to reacquire up to 2.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Joseph L. Goldstein sold 1,000 shares of Regeneron Pharmaceuticals stock in a transaction on Friday, November 8th. The shares were sold at an average price of $340.44, for a total transaction of $340,440.00. Following the transaction, the director now owns 10,323 shares in the company, valued at approximately $3,514,362.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Sanofi sold 172,904 shares of Regeneron Pharmaceuticals stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $281.15, for a total transaction of $48,611,959.60. Company insiders own 11.84% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bridger Capital Management LLC purchased a new position in shares of Regeneron Pharmaceuticals during the 3rd quarter valued at $30,000. Accurate Investment Solutions Inc. purchased a new position in shares of Regeneron Pharmaceuticals during the 2nd quarter valued at $31,000. HM Payson & Co. purchased a new position in shares of Regeneron Pharmaceuticals during the 2nd quarter valued at $31,000. Coastal Capital Group Inc. purchased a new position in shares of Regeneron Pharmaceuticals during the 2nd quarter valued at $38,000. Finally, Focused Wealth Management Inc lifted its stake in shares of Regeneron Pharmaceuticals by 1,333.3% during the 2nd quarter. Focused Wealth Management Inc now owns 129 shares of the biopharmaceutical company’s stock valued at $40,000 after buying an additional 120 shares in the last quarter. Institutional investors own 66.56% of the company’s stock.
Regeneron Pharmaceuticals Company Profile
Regeneron Pharmaceuticals, Inc, a biopharmaceutical company, discovers, invents, develops, manufactures, and commercializes medicines for treating various medical conditions worldwide. The company's products include EYLEA injection to treat wet age-related macular degeneration and diabetic macular edema (DME); myopic choroidal neovascularization; and diabetic retinopathy in patients with DME, as well as macular edema following retinal vein occlusion, including macular edema following central retinal vein occlusion and macular edema following branch retinal vein occlusion.
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