Morgan Stanley analyst Terence Flynn lowered the firm’s price target on Regeneron (REGN) to $755 from $958 and keeps an Overweight rating on the shares. Following the “mixed” Phase 3 COPD data for itepekimab, the firm removed the drug from its model, the analyst tells investors. The firm sees the current value of the stock as largely supported by Dupixent and the company’s cash, but adds that “execution is front and center” following the failed COPD study.
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