On Friday, Piper Sandler adjusted its outlook on Regeneron (NASDAQ:REGN) Pharmaceuticals (NASDAQ: REGN) shares, increasing the price target to $1,166 from the previous $1,000 while maintaining an Overweight rating on the stock. The firm's decision comes in light of new survey results that bolster a positive view of the company's portfolio, particularly its Eylea product.
The surveys, conducted in April and May, focused on Age-related Macular Degeneration (AMD (NASDAQ:AMD)) and Diabetic Macular Edema (DME), each involving approximately 100 participants.
The findings are seen as affirming the analyst's optimistic stance on Regeneron's overall business, especially the projected market share for Eylea HD, which supports higher than consensus estimates.
Despite the encouraging survey results, Piper Sandler made slight adjustments to its quarterly estimates for the 2mg dosage of Eylea, raising the forecast for the second quarter of 2024 but reducing expectations for the third and fourth quarters of the same year, as well as for the full year of 2025. These tweaks, however, do not significantly alter the firm's long-term estimates, which remain substantially above the consensus through 2025.
The revised price target also reflects a combination of other model adjustments and a higher valuation multiple. This multiple expansion aligns with trends observed within the broader pharmaceutical sector. The firm's analyst maintains a confident stance on Regeneron, encouraging investors to continue buying shares.
In other recent news, Regeneron Pharmaceuticals has seen significant developments. UBS has increased its price target for the company, reflecting optimism about Regeneron's revenue prospects, particularly noting the higher-than-expected Sanofi (NASDAQ:SNY) collaboration revenue. Despite this, UBS revised its 2025 EPS prediction for Regeneron slightly downwards, taking into account cost-related revisions.
Regeneron's strategic focus on genetic medicine, emphasized by senior leadership, has been bolstered by collaborative efforts and a mergers and acquisitions strategy. Various analyst firms, including BMO Capital Markets, Argus Research, and RBC Capital Markets, have adjusted their price targets for Regeneron, reflecting confidence in the company's growth trajectory.
Furthermore, the FDA has approved Regeneron's Kevzara for children with active polyarticular juvenile idiopathic arthritis and expanded approval for Praluent. The company is also anticipating FDA and European Commission approvals for linvoseltamab and Dupixent for various treatments. These recent developments indicate a promising outlook for Regeneron Pharmaceuticals.
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