Regeneron Pharmaceuticals Inc (NASDAQ:REGN) and Sanofi announced that they will appeal the injunction granted today by the U.S. District Court for the District of Delaware preventing the marketing, selling or manufacturing of Praluent in the U.S. during the term of two Amgen patents. The companies believe Amgen’s asserted patent claims are invalid and will also appeal a prior jury verdict upholding the validity of those patents. The court has delayed imposition of the injunction for 30 days to allow Sanofi and Regeneron to file a motion for a suspension (stay) of this injunction during the appeal process. Praluent continues to be available to patients at this time.
“We will immediately appeal today’s ruling, along with the jury’s earlier finding upholding the validity of Amgen’s patents,” said Karen Linehan, Executive Vice President and General Counsel, Sanofi. “It is our longstanding position that Amgen’s patent claims are invalid and that the best interests of patients will be greatly disserved by an injunction preventing access to Praluent.”
“We will continue to vigorously defend our case through the appeal process as we believe the facts and controlling law support our position,” said Joseph LaRosa, Senior Vice President, General Counsel and Secretary, Regeneron.
Praluent was the first PCSK9 inhibitor to be approved for use in the U.S. It is indicated for use as adjunct to diet and maximally-tolerated statin therapy for the treatment of adults with heterozygous familial hypercholesterolemia or clinical atherosclerotic cardiovascular disease, who require additional lowering of “bad” (LDL) cholesterol. Praluent is the only PCSK9 inhibitor that offers two doses with two levels of efficacy, allowing healthcare providers the flexibility to adjust the therapeutic dose based on their patient’s LDL cholesterol-lowering needs. The effect of Praluent on cardiovascular morbidity and mortality has not yet been determined. (Original Source)
Shares of Regeneron Pharmaceuticals closed yesterday at $380.92, down $2.19 or -0.57%. REGN has a 1-year high of $515.35 and a 1-year low of $325.35. The stock’s 50-day moving average is $381.02 and its 200-day moving average is $387.68.
On the ratings front, Regeneron Pharmaceuticals (NASDAQ: REGN) has been the subject of a number of recent research reports. In a report issued on January 3, RBC analyst Michael Yee reiterated a Buy rating on REGN, with a price target of $626, which represents a potential upside of 64% from where the stock is currently trading. Separately, on December 20, BMO’s Matthew Luchini initiated coverage with a Hold rating on the stock and has a price target of $419.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Yee and Matthew Luchini have a yearly average loss of -3.2% and a return of 12.2% respectively. Yee has a success rate of 48% and is ranked #4003 out of 4369 analysts, while Luchini has a success rate of 55% and is ranked #1412.
Overall, 8 research analysts have assigned a Hold rating and 6 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 $435.00 which is 14.2% above where the stock closed yesterday.
Regeneron Pharmaceuticals, Inc. operates as a biopharmaceutical company. It discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions. The company involves in marketing medicines for eye diseases, colorectal cancer and a rare inflammatory condition and has product candidates in development in other areas of high unmet medical need, including hypercholesterolemia, oncology, rheumatoid arthritis, asthma and atopic dermatitis. Its products include EYLEA (aflibercept) injection, which is used for the treatment of neovascular age related macular degeneration; ARCALYST (rilonacept), which is used for the treatment of Cryopyrin-Associated Periodic Syndrome, including Familial Cold Auto-inflammatory Syndrome and Muckle-Wells Syndrome; and PRALUENT (alirocumab) Injection for treatment of adults with heterozygous familial hypercholesterolemia or clinical atherosclerotic cardiovascular disease, who require additional lowering of LDL- C.