Roth Affirms Regeneron (REGN) at 'Neutral'; Dupilumab Success in Asthma Largely Priced-in

Roth Capital affirms Regeneron Pharmaceuticals (Nasdaq: REGN) with a Neutral rating and $490 price target after the company announced positive data from its Phase IIb study of dupilumab with SOC in adult patients with moderate-to-severe asthma.

Analyst Joseph Pantginis commented, This study expands on the previous data readout in the group of patients with high baseline eosinophil levels, which achieved the primary endpoint. This interim analysis shows that dupilumab can treat patients who are thought to not respond or respond poorly to TH2-mediated therapy due to low eosinophil count. We view this as promising, as it expands the target patient population for dupilumab. REGN is proceeding with a Phase III study that is currently enrolling patients in all baseline eosinophil. These two studies will form the required basis for the intended BLA for dupilumab for treatment of asthma. While positive, we believe this study's successful outcome has already been priced in with the previous announcement of the high baseline eosinophil group achieving the endpoint and we see little upward momentum based on these data. Additional dupilumab studies include Phase II and III studies in adult atopic dermatitis patients, for which dupilumab received Breakthrough Therapy designation.

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