Approval of eye drug Regeneron to treat age-related macular degeneration could serve as the next big catalyst for the pharmaceutical giant’s stocks, according to JPMorgan. Analyst Chris Schott upgraded Regeneron shares to overweight from neutral, calling the pharmaceutical company’s drug Eylea a “best-in-class therapy” that aims to expand the AMD segment. “While we expect Eylea trends to be the focus given the volatility of this quarter as well as the launch of Vabysmo in 2022, we view these concerns as short-term in nature as we anticipate the launch of high dose Eylea to be one Schott’s bullish sentiment comes even after the company noted that a move to an off-label competitor negatively impacted drug sales in the final quarter of 2022. Despite one In a crowded and increasingly competitive market, Schott also sees Regeneron’s atopic treatment drug as another potential growth driver for the stock going forward.”We see Dupixent as well-positioned for further volume gains with a dominant share in one of the most under-penetrated major categories in immunology,” said Schott. Another Potential value for stocks is the company’s prostate cancer treatment, he added, with early data for the treatment suggesting “potentially impressive antitumor activity in a setting where previous I/O therapies have shown little efficacy.” JPMorgan’s price target of $850 implies about 19% upside potential for the shares from Thursday’s close. Regeneron outperformed in 2022, rising 14% as the broader market fell. – CNBC’s Michael Bloom contributed to the coverage
https://www.cnbc.com/2023/01/20/jpmorgan-upgrades-regeneron-says-eye-drug-launch-could-help-boost-shares-nearly-20percent.html JPMorgan upgrades Regeneron and says launch of eye drugs could help boost shares nearly 20%