Piper Jaffray Reiterates Overweight on Regeneron Pharmaceuticals

Piper Jaffray is out with its report today on Regeneron Pharmaceuticals REGN, reiterating Overweight. In a note to clients, Piper Jaffray writes, "We reiterate our Overweight rating and $62 target based on a proj. enterprise value of $5.26 billion. We add mid-12E cash of $311 million. Regeneron has no debt." Shares of REGN closed Friday at $54.58, down 2.13% from Thursday's close.