RBC Capital analyst Adnan Butt came out with a research report on Regeneron Pharmaceuticals Inc (NASDAQ:REGN) following an FDA panel recommendation for the approval of Regeneron and Sanofi’s investigational therapy, Praluent. The analyst maintained an Outperform rating on the stock with a price target of $543.

Butt wrote, “Despite the overall recommendation for approval, the panel’s caution around breadth of label, safety, and outcomes can create an overhang. We believe FDA will approve ahead of outcomes data and with a broad label. REGN is firing on multiple cylinders – commercial, new launches, Phase IIIs, early stage pipeline, takeout, etc. – so we are buyers and see pullbacks on uncertainty as opportunities.”

Furthermore, “We acknowledge greater uncertainty for the Street around a broad approval but look to the AdCom’s 1) unanimous recommendation for HeFH, 2) majority recommendation for high risk CVD, 3) REGN/ SNY’s agreement with the FDA on the definition of statin intolerant patients, 4) the enrollment of broadly a high risk patient population,, and 5) ongoing outcomes study to expect a broad label on or by the Jul. 24th PDUFA date.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Adnan Butt has a total average return of -0.8% and a 52.1% success rate. Butt has a 34.8% average return when recommending REGN, and is ranked #2847 out of 3619 analysts.