Regeneron Pharmaceuticals Inc (NASDAQ:REGN) announced that Bayer HealthCare has received European approval for EYLEA® (aflibercept) Injection for the treatment of visual impairment due to myopic choroidal neovascularization (myopic CNV). Myopic CNV is an eye disease associated with high degrees of myopia (near-sightedness) and frequently affects people of working age.

In the EU, EYLEA is already approved for the treatment of patients with neovascular (wet) age-related macular degeneration, visual impairment due to diabetic macular edema, and visual impairment due to macular edema secondary to retinal vein occlusion (branch RVO or central RVO). In Japan, EYLEA is approved for the treatment of visual impairment due to myopic choroidal neovascularization, (wet) age-related macular degeneration, visual impairment due to macular edema secondary to retinal vein occlusion (branch RVO or central RVO) and diabetic macular edema.

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 $560.02. REGN has a 1-year high of $605.93 and a 1-year low of $365.25. The stock’s 50-day moving average is $515.74 and its 200-day moving average is $516.52.

On the ratings front, Regeneron has been the subject of a number of recent research reports. In a report issued on October 27, Roth Capital analyst Joseph Pantginis maintained a Hold rating on REGN, with a price target of $527, which represents a potential downside of 5.9% from where the stock is currently trading. Separately, on October 26, Leerink Swann’s Joseph Schwartz reiterated a Buy rating on the stock and has a price target of $664.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Pantginis and Joseph Schwartz have a total average return of -5.4% and 23.5% respectively. Pantginis has a success rate of 34.8% and is ranked #3750 out of 3808 analysts, while Schwartz has a success rate of 54.2% and is ranked #83.

Overall, 6 research analysts have assigned a Hold rating and 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $625.14 which is 11.6% above where the stock closed yesterday.

Regeneron Pharmaceuticals Inc is a fully integrated biopharmaceutical company. It discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions.