Piper Jaffray Raises PT To $62 On REGN

Piper Jaffray has raised the price target from $51 to $62 on Regeneron Pharmaceuticals REGN based upon an announcement the company made after close yesterday. According to Piper Jaffray, “After the close, Regeneron announced that the Phase III VELOUR study of aflibercept met the primary endpoint of increased overall survival in colorectal cancer (CRC) patients when added to FOLFIRI. This hit was a big positive surprise and we are raising our price target to $62 from $51 to reflect a third potential drug approval for Regeneron. Next we look for CATT data today after the close in the online version of the New England Journal of Medicine. We anticipate Avastin (bevacizumab) will be non-inferior to Lucentis (ranibizumab), but "as needed" PRN dosing will not be as good as once-monthly (q4W) injections.” Piper Jaffray maintains its Overweight rating on REGN. REGN closed yesterday at $52.14.