On Monday, Piper Sandler maintained its Overweight rating on Regeneron (NASDAQ:REGN) Pharmaceuticals with a steady price target of $1,000.00 for the shares. The firm adjusted its fourth quarter 2024 earnings estimate for Regeneron's Eylea franchise downward, citing new survey data that highlighted potential short-term challenges.
According to the survey by Spherix Global Insights, Eylea High-Dose (HD) continues to hold strong market perceptions and uptake dynamics, maintaining a competitive edge over its rival Vabysmo. However, logistical issues associated with the J-code and other access barriers could potentially hinder the strong prescription intentions for the drug.
In light of these findings, Piper Sandler has revised its total franchise estimates for Eylea in the fourth quarter of 2024 to just below the consensus. The firm noted that while there may be some share loss for Eylea 2mg, the overall feedback for the intermediate term remains positive.
Piper Sandler expressed confidence that for the full year 2024, the Eylea franchise is likely to surpass consensus expectations. Despite the anticipated minor near-term obstacles, the long-term outlook for Regeneron's Eylea remains optimistic. The firm's current price target reflects this enduring positive sentiment toward the pharmaceutical company's stock.
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