Bank of America Merrill Lynch Maintains Buy on Regeneron Pharmaceuticals

Bank of America Merrill Lynch is out with its report today on Regeneron Pharmaceuticals REGN, maintaining Buy. In a note to clients, Bank of America Merrill Lynch writes, "We rate REGN shares Buy, owing to a rich and undervalued pipeline of biologic therapies. Our DCF-derived PO of $65 is based on risk-adjusted revenue projections of the key pipeline products (VEGF Trap-Eye, rilonacept, aflibercept, antibody program). Current valuation leaves upside potential for positive results from upcoming clinical trial data and potential milestone payments from development partners." Bank of America Merrill Lynch maintains a $65 PO on REGN. Shares of REGN closed Thursday at $55.77, down 1.74% from Wednesday's close.