Oppenheimer analyst Hartaj Singh conducted a survey of 25 high-volume physicians on the product profile for Regeneron's cemiplimab, a breakthrough therapy designated antibody in cutaneous squamous cell carcinoma. The analyst believes the Street has "surprisingly low" expectations for cemiplimab. His survey indicates that CSCC has a large unmet need among relapsed patients following surgical tumor excision, and models $160M in 2019 WW cemiplimab sales, but believes it could be as high as $300-400M due to the high unmet need in this tumor type. Singh reiterates an Outperform rating and $410 price target on the shares.