TD Cowen maintains buy rating for Regeneron Pharma stock

On Monday, TD Cowen analysts reiterated their Buy rating for Regeneron Pharma stock (NASDAQ: NASDAQ:REGN), maintaining a price target of $800.00. Currently trading at $489.50 with a market cap of $51.7 billion, InvestingPro analysis suggests the stock is significantly undervalued. Check out more undervalued opportunities at https://www.investing.com/equities/most-undervalued. The decision comes after the recent presentation of Libtayo’s Phase III trial results at the American Society of Clinical Oncology (ASCO).

The trial demonstrated a 68% reduction in disease-free survival (DFS) and an early survival benefit for Libtayo in treating adjuvant high-risk cutaneous squamous cell carcinoma (CSCC). The analysts believe these results could lead to the drug’s approval by the end of the year and predict it could become the standard of care for this indication.

The analysts also noted that Libtayo’s success in this setting contrasts with pembrolizumab, which did not achieve similar results. This difference was highlighted in sequential presentations at ASCO.

Regeneron’s Libtayo is expected to reach sales exceeding $1 billion, according to the analysts. They emphasized the importance of the drug’s potential impact on the treatment of high-risk adjuvant CSCC.

In other recent news, Regeneron Pharmaceuticals has announced several significant developments. The company has entered into a licensing agreement with Hansoh Pharmaceuticals for the GLP-1/GIP receptor agonist, HS-20094, which has shown promising Phase 2 results for weight loss. Regeneron will pay $80 million upfront, with potential milestones reaching up to $1.93 billion. Additionally, BMO Capital maintained an Outperform rating for Regeneron, though they reduced the price target to $600 due to challenges in the approval process for itepekimab, a treatment for COPD.

Truist Securities also maintained a Buy rating for Regeneron, despite mixed Phase 3 results for itepekimab, expressing confidence in the company’s long-term pipeline. The Phase 2 COURAGE trial revealed that combining semaglutide with muscle-preserving antibodies led to significant preservation of lean mass and increased fat loss. This combination therapy could potentially enhance Regeneron’s obesity treatment portfolio. These developments indicate ongoing efforts by Regeneron to expand its clinical programs and address challenges in its pipeline.

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