Regeneron downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Regeneron (REGN) to Equal Weight from Overweight with an unchanged price target of $767. The firm sees a balanced risk/reward pending further visibility on the company’s pipeline diversification. Regeneron shares have rebounded off the lows earlier this year following progress with Eylea, the analyst tells investors in a research note. Morgan Stanley cites valuation for the downgrade.