Piper Jaffray Reiterates Overeweight on Regeneron Pharmaceuticals (REGN)

Piper Jaffray is out with its report today on Regeneron Pharmaceuticals REGN, reiterating Overweight. In a note to clients, Piper Jaffray writes, "We are attending ARVO where CATT was enthusiastically received. Feedback was that the data were as expected proving Avastin to be equivalent to Lucentis on the same schedule. PRN or 'as needed' results were viewed as comparable despite being numerically worse and Avastin statistically 'inconclusive' to once-monthly (q4W) dosing. The docs we spoke with saw little change to their practice. We remain confident in VEGF Trap-Eye's dosing advantage and believe price will be a major determinant of market share. We expect REGN shares to remain volatile, yet continue to be buyers ahead of a blockbuster launch." Piper Jaffray has a $62 PT on REGN. Shares of REGN closed Friday at $51.04, down 21% from Thursday's close.