Leerink lowered the firm’s price target on Regeneron (REGN) to $645 from $686 and keeps an Outperform rating on the shares. In the wake of itepekimab’s failure in one of two Phase 3 COPD trials, the firm is removing the drug from its model and lowering its price target on the shares, the analyst tells investors in a research note. The firm noted that its investment thesis is that Regeneron shares can outperform from current levels because it expects growth to accelerate after a big Eylea sales/earnings stepdown in 2025; pipeline newsflow is likely to improve after several months of disappointing press releases, and; shares are trading near historical low multiple levels. The company should return to growth in 2026 and accelerate in 2027, the analyst adds.
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