Analyst Coverage Change
Bank of America Merrill Lynch(Rank#) has recently raised its target price for Regeneron Pharmaceuticals Inc. from $605 to $650. The move follows a series of positive developments for the biotech company, including the FDA approval of its drug, Libtayo, for the treatment of a certain type of skin cancer.
Regeneron Pharmaceuticals has long been known as a leader in the biotech industry, with a focus on developing innovative treatments for a range of diseases. The company’s research and development efforts have yielded several successful products, including the blockbuster drug, Eylea, which is used to treat age-related macular degeneration.
The recent FDA approval of Libtayo represents a significant milestone for Regeneron Pharmaceuticals, as it marks the first time that the company has received approval for a cancer treatment. The drug has been shown to be effective in treating a type of skin cancer known as cutaneous squamous cell carcinoma, and is expected to generate significant revenue for the company in the coming years.
In addition to the FDA approval of Libtayo, Regeneron Pharmaceuticals has also been making progress in its efforts to develop treatments for other diseases, including COVID-19. The company’s antibody cocktail, which is currently in late-stage clinical trials, has shown promising results in reducing the severity of COVID-19 symptoms in patients who are at high risk for severe illness.
Bank of America Merrill Lynch’s decision to raise its target price for Regeneron Pharmaceuticals reflects the positive outlook for the company’s future growth prospects. With a strong pipeline of products in development and a track record of success, Regeneron Pharmaceuticals is well-positioned to continue to be a leader in the biotech industry.
Bank of America Merrill Lynch’s target price increase for Regeneron Pharmaceuticals is a positive sign for investors who are interested in the biotech sector. With a strong pipeline of products in development and a track record of success, Regeneron Pharmaceuticals is well-positioned to continue to be a leader in the industry for years to come.
