Robert W. Baird Downgrades Regeneron Pharmaceuticals, Inc. (REGN) to Underperform

Robert W. Baird cut shares of Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) from a neutral rating to an underperform rating in a research note published on Tuesday. They currently have $408.00 price objective on the biopharmaceutical company’s stock.

“nothing to scoff at,” Skorney said in his downgrade note. However, investor expectations for a strong performance has “stretched the valuation beyond what is reasonable” based on the initial launch metrics (see Skorney’s track record here).In fact, investor expectation shifted from “high” in late April/May to “extraordinary” today, the analyst added. Meanwhile, buy-side analysts may have also gotten ahead of themselves in predicting Dupixent to outperform Novartis’ blockbuster therapy, Cosentyx.”We believe shares reflect a greater degree of optimism than is warranted,” Skorney emphasized. “We continue to believe Dupixent will be a big drug, as reflected by our reiterated target price of $408.,” Robert W. Baird’s analyst commented.

REGN has been the topic of a number of other reports. BMO Capital Markets raised their price target on shares of Regeneron Pharmaceuticals from $412.00 to $421.00 and gave the company a hold rating in a report on Monday, May 15th. Vetr lowered shares of Regeneron Pharmaceuticals from a strong-buy rating to a buy rating and set a $408.86 price objective for the company. in a research report on Monday, April 24th. UBS AG set a $489.00 price objective on shares of Regeneron Pharmaceuticals and gave the company a buy rating in a research report on Friday, May 5th. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Regeneron Pharmaceuticals in a research report on Wednesday, June 14th. Finally, Citigroup Inc. increased their price objective on shares of Regeneron Pharmaceuticals from $555.00 to $575.00 and gave the company a buy rating in a research report on Friday, August 4th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $489.35.

Regeneron Pharmaceuticals (NASDAQ:REGN) traded up 1.41% during midday trading on Tuesday, reaching $466.59. 495,953 shares of the company traded hands. Regeneron Pharmaceuticals has a one year low of $325.35 and a one year high of $543.55. The stock has a market capitalization of $49.47 billion, a P/E ratio of 46.81 and a beta of 1.66. The company has a 50 day moving average price of $495.54 and a 200-day moving average price of $426.50.

Regeneron Pharmaceuticals (NASDAQ:REGN) last released its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported $4.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.67 by $1.50. Regeneron Pharmaceuticals had a net margin of 22.05% and a return on equity of 25.58%. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same period last year, the business earned $2.82 EPS. The company’s revenue was up 21.2% compared to the same quarter last year. Analysts forecast that Regeneron Pharmaceuticals will post $14.84 EPS for the current fiscal year.

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In related news, major shareholder Sanofi purchased 136,050 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were purchased at an average price of $478.17 per share, with a total value of $65,055,028.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Robert E. Landry sold 526 shares of Regeneron Pharmaceuticals stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $472.19, for a total transaction of $248,371.94. Following the completion of the sale, the senior vice president now directly owns 9,099 shares in the company, valued at approximately $4,296,456.81. The disclosure for this sale can be found here. Insiders sold a total of 56,922 shares of company stock worth $27,383,105 in the last three months. 10.40% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Highbridge Capital Management LLC bought a new stake in Regeneron Pharmaceuticals during the fourth quarter worth about $323,000. Raymond James Trust N.A. boosted its stake in Regeneron Pharmaceuticals by 9.2% in the first quarter. Raymond James Trust N.A. now owns 828 shares of the biopharmaceutical company’s stock worth $320,000 after buying an additional 70 shares in the last quarter. Gulf International Bank UK Ltd boosted its stake in Regeneron Pharmaceuticals by 3.6% in the first quarter. Gulf International Bank UK Ltd now owns 24,055 shares of the biopharmaceutical company’s stock worth $9,321,000 after buying an additional 825 shares in the last quarter. National Pension Service boosted its stake in Regeneron Pharmaceuticals by 6.1% in the first quarter. National Pension Service now owns 60,037 shares of the biopharmaceutical company’s stock worth $23,185,000 after buying an additional 3,430 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in Regeneron Pharmaceuticals by 55.0% in the first quarter. Bank of Montreal Can now owns 50,819 shares of the biopharmaceutical company’s stock worth $19,693,000 after buying an additional 18,030 shares in the last quarter. 66.70% of the stock is currently owned by hedge funds and other institutional investors.

About Regeneron Pharmaceuticals

Regeneron Pharmaceuticals, Inc is a biopharmaceutical company that discovers, invents, develops, manufactures and commercializes medicines for the treatment of serious medical conditions. The Company commercializes medicines for eye diseases, high low-density lipoprotein (LDL) cholesterol, and an inflammatory condition and have product candidates in development in other areas, including rheumatoid arthritis, asthma, atopic dermatitis, pain, cancer, and infectious diseases.

Analyst Recommendations for Regeneron Pharmaceuticals (NASDAQ:REGN)

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