Regeneron Trading Down On Sanofi News, Says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff attributes the weakness in shares of Regeneron Pharmaceuticals (REGN) to the FDA alerting Sanofi (SNY) of fill-finish manufacturing deficiencies for certain products including sarilumab.
Sarilumab is an IL-6 antibody for the treatment of rheumatoid arthritis with an October 30 FDA action date and is manufactured at Regeneron's antibody manufacturing facility in Rensselaer, New York, Tenthoff tells investors in a research note.
The analyst points out that Regeneron reports Q3 results on November 4 and that he expects EYLEA sales of $835M. He maintains a Neutral rating on the shares with a $447 price target.
Regeneron is trading down 3%, or $9.90, to $355.45 in early trading.
Disclosure: None.