UBS analysts said in a note Thursday that Regeneron's (NASDAQ:REGN) intellectual property win is a positive for the company and removes an overhang.
REGN shares have continued the previous session's almost 3% rally on Thursday, climbing over 1%.
The share price rise comes following a court ruling on Wednesday that found Viatris Inc (NASDAQ:VTRS)'s replica of Eylea, Regeneron's eye drug, infringed on the company's patent rights.
"This is a significant positive for REGN, removing an overhang, potentially pushing biosim entry timelines meaningfully and thus allowing REGN to convert more patients to Eylea HD," analysts at UBS, who have a Buy rating and $966 price target on the stock, said.
"With this update, Dupi growth still underappreciated by the street, a strong balance sheet and the emerging obesity story (we expect updates at the sell side conf in Jan), REGN is one of best large cap biotech stories heading into '24, in our view," they added.