Piper Jaffray Trims Regeneron Pharmaceuticals PT To $48 (REGN)

Piper Jaffray trimmed its Regeneron Pharmaceuticals REGN price target from $49 to $48 and left Regeneron's Overweight rating unchanged in a research report.

In the report, Piper Jaffray states, "Aflibercept missed the primary endpoint of overall survival (OS) in the pivotal VITAL trial in 2nd-line non-small cell lung cancer (NSCLC). The drug did meet the secondary efficacy endpoints of progression free survival (PFS) and objective response rate (ORR). We have always maintained that Aflibercept is the wild card in Regeneron's portfolio and had only assigned $1/share for this indication in our price target. Aflibercept will next report data from the pivotal VELOUR study in colorectal cancer in 1H:11. VEGF Trap-Eye remains the primary value driver with an expected December 22nd PDUFA and early 2012 launch."

Shares of Regeneron Pharmaceuticals were trading at $37.50 in pre-market trading at the time of posting, down 4.58% from Thursday's market close.