Regeneron upgraded to Outperform from Market Perform at Bernstein » 08:5302/2602/26/20
Bernstein analyst Aaron…
Bernstein analyst Aaron Gal upgraded Regeneron (REGN) to Outperform from Market Perform with a $500 price target. The analyst has been cautious around Regeneron, arguing that while near-term earning upside is there, the long-term outlook is limited by competitive pressures on Eylea and Dupixent. However, he believes the news of vasculitis cases with Novartis' (NVS) Beovu changes the balance. His discussions with practices suggest that they will narrow the new product's use and its outlook may be hampered for some time. Further, other new products may be slower to adopt, at least initially, he adds.
Regeneron competitive concerns decrease, Canaccord upgrades to Buy » 08:5002/2602/26/20
As reported previously,…
As reported previously, Canaccord analyst John Newman upgraded Regeneron (REGN) to Buy from Hold. The analyst noted its competition decreased when the ASRS warned about 14 cases of vasculitis in patients that received Novartis's (NVS) Beovu. The analyst noted the report should reduce the EYLEA competitive concerns in the wet AMD space. Newman raised his price target to $550 from $409 on Regeneron shares.
Regeneron price target raised to $510 from $420 at Credit Suisse » 07:0702/2602/26/20
Credit Suisse analyst…
Credit Suisse analyst Evan Seigerman raised his price target for Regeneron (REGN) to $510 from $420 while maintaining his Outperform rating on the shares and saying it remains his top pick for 2020. The analyst notes that recent reports from the American Society of Retina Specialists suggest that realworld usage of competitor Novartis' (NVS) Beovu could lead to vasculitis and potentially blindness caused by a more serious variant called occlusive retinal vasculitis. While still rare, with 14 cases of vasculitis out of 46k injections to date in the U.S., he thinks the headline risk and warning from the ASRS could be enough to significantly slow usage of Beovu in wAMD and eventual usage in other eye conditions, including DR, DME, and RVO. Given the long-term safety record of Regeneron's Eylea and comparable efficacy profile, Seigerman believes clinicians will opt to use Eylea as their mainstay treatment going forward.
Regeneron downgraded to Neutral from Outperform at Baird » 05:0402/2602/26/20
Baird analyst Brian…
Baird analyst Brian Skorney downgraded Regeneron Pharmaceuticals (REGN) to Neutral from Outperform with an unchanged price target of $410. The stock closed Tuesday up 4% to $442.35. The analyst appreciates the "tailwind granted by safety concerns" related to Eylea competitor, Novartis' (NVS) Beovu, he notes the shares are up 50% since his August 2019 upgrade. While the fall of Beovu certainly near-term pressure on Eylea market share, this has now been accounted for in the share price, Skorney tells investors in a research note. Skorney adds that while Dupixent and Regeneron's pipeline "continue to look good," he prefers to take a "wait and see approach."
Tesla, Nvidia downgrades, Regeneron upgrades among today's top analyst calls » 11:0902/2502/25/20
TSLA, NVDA, MU, SIMO, W, REGN, NVS
Check out today's top…
Jefferies says buy Regeneron following Novartis' new eye drug safety issue » 10:3302/2502/25/20
Guggenheim analyst Seamus…
Guggenheim cuts Novartis to Neutral on risk to 'critically important' Beovu » 08:4902/2502/25/20
As previously reported,…
As previously reported, Guggenheim analyst Seamus Fernandez downgraded Novartis (NVS) to Neutral from Buy. On February 23, the American Society of Retina Specialists sent its members a clinical update regarding risk of severe inflammation with Beovu, which Fernandez calls a "critically important 2020 launch product" for Novartis. Key Opinion Leader doctors with whom he spoke think the severe events reported, together with the experience of higher-than-expected inflammation, will be a major blow to the future of the product and also expect updates from other societies in the weeks ahead, which will keep the issue front and center, Fernandez said. He has cut his Beovu 2020 sales forecast by about 90%, to $360M from about $3.6B, Fernandez added.
Jefferies upgrades Regeneron to Buy after safety issue at competitor » 08:0802/2502/25/20
As previously reported,…
As previously reported, Jefferies analyst Biren Amin upgraded Regeneron (REGN) to Buy from Hold with a price target of $492, up from $355, after reports in an FDA database showed an elevated rate of vasculitis in patients treated with Novartis' (NVS) Beovu compared to Regeneron's Eylea. Two retina doctors he spoke to expect Beovu use to significantly decrease in the near-term, noted Amin, who raised his Eylea estimates to be ahead of consensus by $180M in 2020 and $450M in 2021 and 2022, respectively.
Novartis downgraded to Neutral from Buy at Guggenheim » 05:5302/2502/25/20
Guggenheim analyst Seamus…
Guggenheim analyst Seamus Fernandez downgraded Novartis to Neutral from Buy.
Novartis confirms to Bloomberg ASRS reports of vasculitis tied to Beovu » 15:5802/2402/24/20
In an emailed statement…
In an emailed statement to Bloomberg News, Novartis confirmed ASRS reports of 14 cases of vasculitis since Beovu's approval. The company is reviewing information of events but stands by safety. Beovu is a macular degeneration drug from Novartis.