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Fly News Breaks for December 16, 2019
NVS, REGN
Dec 16, 2019 | 08:36 EDT
Evercore ISI analyst Joshua Schimmer downgraded Regeneron Pharmaceuticals (REGN) to In Line from Outperform with an unchanged price target of $381. Early feedback on Novartis' (NVS) Beovu is stronger than expected, which creates risk of erosion for Regeneron's Eylea in 2020 and 2021, Schimmer tells investors in a research note. He now believes Eylea's erosion will be faster than anticipated and "dominate investor dialogue as investors check with specialists."
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