Regeneron price target lowered to $707 from $762 at RBC Capital

RBC Capital lowered the firm’s price target on Regeneron (REGN) to $707 from $762 and keeps a Sector Perform rating on the shares. The company’s Fianlimab miss is a disappointment as the firm had estimated about $1.6B-$1.8B in worldwide peak probability-adjusted sales for fianlimab in first-line metastatic melanoma, the analyst tells investors in a research note. RBC adds however that the update is also not necessarily critical in light of Regeneron’s continued strong dupi growth, Eylea HD getting back on track, energized dupi life cycle initiatives, and the expected Sanofi (SNY) royalty step-up.