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Investing.com - JPMorgan has maintained its Overweight rating and $800.00 price target on Regeneron Pharmaceuticals (NASDAQ:REGN) ahead of the company’s second-quarter earnings report. The biotechnology company, currently trading at $538.44, appears undervalued according to InvestingPro analysis, with analysts setting targets ranging from $504 to $940.
The investment bank forecasts second-quarter U.S. Eylea 2mg sales of $729 million, representing a 15% sequential decline excluding inventory, compared to the consensus estimate of $715 million.
For Eylea HD, JPMorgan projects U.S. sales of $315 million, below the consensus estimate of $339 million.
JPMorgan expects patient affordability challenges to continue impacting the Eylea franchise in the near term.
The firm also anticipates ongoing competitive headwinds will affect Regeneron’s Eylea business in the coming quarters.
In other recent news, Regeneron Pharmaceuticals has received FDA approval for its blood cancer therapy, Lynozyfic, targeting adult patients with relapsed or refractory multiple myeloma who have undergone at least four prior treatments. The approval was based on the Phase 1/2 LINKER-MM1 trial, which showed a 70% objective response rate, with 45% achieving a complete response or better. Lynozyfic, a BCMAxCD3 bispecific antibody, can be dosed every two weeks starting at week 14 and potentially every four weeks after 24 weeks of therapy. The drug comes with a Boxed Warning for cytokine release syndrome and other potential side effects, and Regeneron has launched the Lynozyfic Surround program to support patients with financial and educational resources. In another development, Regeneron, in collaboration with Sanofi (NASDAQ:SNY), secured FDA approval for Dupixent to treat bullous pemphigoid, marking its eighth indication in the U.S. Meanwhile, TD Cowen reiterated a Buy rating for Regeneron, projecting significant market share capture for Lynozyfic, with potential sales reaching $500 million annually by 2030. On the other hand, JPMorgan adjusted its price target for Regeneron to $800, citing a pipeline setback but maintaining an Overweight rating, emphasizing the strength of existing assets like Dupixent and Eylea. These developments highlight Regeneron’s ongoing efforts to expand its therapeutic offerings and address unmet medical needs.
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