Chardan Capital Initiates Buy on Regeneron Pharmaceuticals Inc; Sees 15% Upside For The Stock
In a research report issued Friday, Chardan Capital analyst Gbola Amusa initiated coverage on shares of Regeneron Pharmaceuticals Inc (NASDAQ:REGN) with a Buy rating and a price target of $560, which represents a potential upside of 15% from where the stock is currently trading.
Amusa wrote, "Having already appreciated Regeneron in our recent research as a central player in the high-growth anti-VEGF and anti-VEGF combo ophthalmology market, we now additionally turn our attention to REGN's soon-to-launch anti-PCSK9 antibody Praluent, which our lead analyst, per company feedback years ago, was perhaps the first to recognize and model as a blockbuster asset in the cardiovascular market."
Furthermore, "With the recent ODYSSEY data release, we continue to see the anti-PCSK9 class as paradigm-shifting and now publish our anti-PCSK9 market model which shows the market growing to $14.9bn in 2020 sales, of which Praluent is $6.8bn. We anticipate REGN will share further in the economics from $7.0bn of sales in 2020 from its partnered ophthalmology franchise."
According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Gbola Amusa has a total average return of 5.8% and a 50% success rate. Amusa is ranked #2212 out of 3535 analysts.