BMO Capital Remains On The Sidelines With Regeneron Pharmaceuticals Inc (REGN) Following FDA Briefing Documents Release
BMO Capital analyst Jim Birchenough came out today with a research report on Regeneron Pharmaceutals Inc (NASDAQ:REGN), reiterating a Market Perform rating on the stock with a price target of $381. The report came in response to FDA briefing documents which were released on Friday concerning the company’s experimental drug, Praluent. Shares of REGN are currently trading at $535.07, down $4.25, or 0.79%.
Birchenough observed, “FDA seems to have a particular concern with PRALUENT monotherapy in “statin-intolerant” patients (ALTERNATIVE study population). FDA reasoned that many patients in this population may have symptoms entirely unrelated to statin (evidenced by the fact that 70% of patients receiving blinded treatment of LIPITOR 20mg completed the study); therefore, FDA believes the language of “statin-intolerant” in the labeling could cause some patients to prematurely abandon statin, a drug with established CV outcomes.”
Further, “While FDA’s comments are clearly positive/constructive, we believe that broad approval is expected. From our perspective, prospects for narrowing the definition of statin intolerance poses downside risk, and regardless of FDA panel’s opinion on CV outcomes requirements, we believe that launch will be slow pending that data.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jim Birchenough has a total average return of 40.4% and a 64.8% success rate. Birchenough has a 85.1% average return when recommending REGN, and is ranked #18 out of 3612 analysts.
Out of the 10 analysts polled by TipRanks.com, 7 rate the stock a Buy, and 3 rate the stock a Hold. With an upside potential of 0.03%, the stock’s 12-month consensus target price stands at $532.00.