Regeneron Stock Hits Record High For Second Time This Week
Regeneron Pharmaceuticals (REGN) jumped to an all-time high Thursday, its second of the week, as analysts remain bullish on Regeneron stock due to its coronavirus treatment and other businesses.
Regeneron rose as much as 2.4% in the stock market today, touching a record high of 655.93 before slipping a fraction midday. That topped its previous high of 653.53, touched on Tuesday.
SunTrust Robinson Humphrey on Thursday upgraded Regeneron stock to buy from hold and nearly doubled its price target to 750 from just 400.
Regeneron stock sports a highest-possible Composite Rating of 99. It joined the IBD list of top 50 companies this week.
"We believe REGN's innovation engine continues to expand their growing pipeline," SunTrust said in its research report.
The Regeneron stock report highlighted the company's coronavirus treatment product REGN-COV2. On Monday, Regeneron announced the initiation of late-stage clinical trials evaluating REGN-COV2. The company describes the product as a double antibody cocktail for the treatment and prevention of Covid-19.
The Phase 3 trial will evaluate REGN-COV2's ability to prevent infection among uninfected people who have had close exposure to a COVID-19 patient.
Last week, however, Regeneron said a late-stage Covid-19 drug study had failed. This was a trial for arthritis drug Kevzara, co-developed with Sanofi (SNY). The companies tested Kevzara to see if it could tackle Covid-19.
In its Regeneron stock report, SunTrust praised the company's Eylea as remaining strong during the Covid-19 pandemic. Eylea, one of Regeneron's main products, treats macular degeneration, the leading ...
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