The selloff in shares of Regeneron Pharmaceuticals (REGN) following Dermira's (DERM) Phase data for Dupixent competitor lebrikizumab is misplaced, Piper Jaffray analyst Christopher Raymond tells investors in a research note. While lebrikizumab appears competitive with Dupixent in atopic dermatitis at first glance, a "number of caveats" translate into a strong potential that Dupixent's Phase 3 "experience will hold up," says the analyst. First, he notes, Dupixent appears to have been consistently studied in patients with more severe atopic dermatitis, making cross-trial comparisons "particularly suspect here." Second, lebrikizumab's safety data, which is pooled across doses, may not tell the full safety picture of the drug's most active dose, Raymond contends. Lastly, the analyst reminds investors that lebrikizumab showed similarly positive Phase 2 data in asthma before failing in Phase 3. Given all of this, he thinks "it's far too early to be writing" Dupixent's obituary in atopic dermatitis. The analyst keeps an Overweight rating on Regeneron with a $487 price target. The stock in late morning trading is down $5.86 to $408.61.