HC Wainwright Sees 'Buying Opportunity' For This COVID-19 Antibody Stock After Sell-Off

H.C. Wainwright recommends using the selloff today for Regeneron Pharmaceuticals Inc REGN as a buying opportunity. The analyst keeps a Buy rating on Regeneron with an $844 price target.

• While the company stated the possibility exists that its COVID-19 antibody, REGEN-COV, may lose its potency against the omicron strain, there is limited knowledge about the latest in a series of variants that naturally arise in the environment, analyst Michael King says.
• Regeneron has already been studying other antibodies, and there are small molecule and other antibody preparations available, says the analyst. 
• According to Michael, it is too early to determine what negative effect, if any, there will be on sales of the drug. 
• Earlier today, Regeneron's COVID-19 antibody drug could be less effective against Omicron, it said.
• Based on its study of Omicron's individual mutations, "there may be reduced neutralization activity of both vaccine-induced, and monoclonal antibody conveyed immunity," Regeneron said.
• Also Read: Moderna CEO Says Omicron Variant To Likely Hit COVID-19 Vaccines Effectiveness: FT
• Price Action: REGN shares are down 2.15% at $640.35 during the market session on the last check Tuesday.