Baird Reiterates Outperform on Regeneron (REGN) Following Positive Phase III Data

Baird reiterated an Outperform rating and $526.00 price target on Regeneron Pharma (NASDAQ: REGN) following the company's release of Dupilumab's phase III atopic dermatitis phase III data. The two Phase III studies, SOLO 1 and SOLO 2, enrolled 1,379 adult patients with moderate-to-severe AD. The FDA's primary endpoint was a score of clear/almost clear on the Investigator Global Assessment (IGA) scale. Between the two studies, 36-37% of the 300mg/wk group and 36-38% in the 300mg every other week group achieved IGA 0 or 1, versus 8.5-10% on placebo (p<0.0001).

Analyst Brian Skorney commented, "Regeneron and Sanofi released positive top-line data for dupilumab in two Phase III trials for atopic dermatitis (AD). Given the large addressable patient population, lack of available therapies, and promising top-line results, we think there is potential for a blockbuster approval here next year. We are reiterating our Outperform rating."

For an analyst ratings summary and ratings history on Regeneron Pharma click here. For more ratings news on Regeneron Pharma click here.

Shares of Regeneron Pharma closed at $360.44 yesterday.

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