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Fly News Breaks for June 16, 2015
AAVL, REGN
Jun 16, 2015 | 05:55 EDT
Piper Jaffray analyst Edward Tenthoff says a competitive threat to Regeneron's (REGN) Eylea "appears to have receded" after Avalanche Biotechnologies reported Phase 2a results for AVA-101 in wet age-related macular degeneration. Tenthoff notes that while the trial met its primary safety endpoint and showed efficacy by improving BCVA with fewer Lucentis rescue injections than control, the data was clouded by an increase in retinal thickness for treated patients compared to controls. The analyst notes Regeneron holds a time limited right of first negotiation to opt-in to developing AVA-101 further. He believes the key driver for Regeneron remains the Praluent launch and keeps a Neutral rating on the stock with a $484 price target.
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