Regeneron Pharmaceuticals Inc (NASDAQ:REGN) announced that Bayer HealthCare’sJapanese subsidiary, Bayer Yakuhin, Ltd., received approval for EYLEA® (aflibercept) Injection by the Ministry of Health, Labour and Welfare (MHLW) inJapan for the treatment of patients with macular edema secondary to retinal vein occlusion (RVO). This new indication includes macular edema secondary to branch retinal vein occlusion (BRVO) in addition to the previously-approved indication of macular edema secondary to central retinal vein occlusion (CRVO).
The approval is based on positive results from the double-masked, randomized, active-controlled phase 3 VIBRANT study in patients with visual impairment due to macular edema secondary to BRVO. The primary endpoint was the proportion of subjects who gained at least 15 letters in best corrected visual acuity (BCVA) from baseline at week 24, as measured on the Early Treatment Diabetic Retinopathy Scale (ETDRS) eye chart, a standard chart used in research to measure visual acuity. More than half of the patients who were treated with aflibercept solution for injection gained at least three lines of vision.
Bayer HealthCare and Regeneron are collaborating on the global development of EYLEA. Regeneron maintains exclusive rights to EYLEA in the United States. Bayer HealthCare licensed the exclusive marketing rights outside the United States, where the companies share equally the profits from sales of EYLEA, except for Japan where Regeneron receives a percentage of net sales. (Original Source)
Shares of Regeneron Pharmaceuticals closed yesterday at $519.24 . REGN has a 1-year high of $544 and a 1-year low of $269.50. The stock’s 50-day moving average is $507.13 and its 200-day moving average is $450.31.
On the ratings front, Regeneron Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on June 16, Piper Jaffray analyst Edward Tenthoff reiterated a Hold rating on REGN, with a price target of $484, which reflects a potential downside of -6.8% from last closing price. Separately, on June 15, RBC’s Adnan Butt reiterated a Buy rating on the stock and has a price target of $550.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edward Tenthoff and Adnan Butt have a total average return of 28.3% and 0.1% respectively. Tenthoff has a success rate of 62.2% and is ranked #184 out of 3679 analysts, while Butt has a success rate of 53.8% and is ranked #2599.
The street is mostly Bullish on REGN stock. Out of 10 analysts who cover the stock, 7 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $532.00, which represents a slight upside potential from current levels.
Regeneron Pharmaceuticals Inc is a fully integrated biopharmaceutical company. It discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions.