What is RBC Capital's price target for Regeneron?

RBC Capital set a price target of $707 for Regeneron.

What is RBC Capital's rating on Regeneron?

RBC Capital rates Regeneron as Sector Perform, a neutral rating.

Why is AbbVie's acquisition of Apogee negative for Regeneron?

Analysts believe the deal could intensify competition in the dermatology treatment market, where Regeneron is active with its drug Dupixent.

What is Regeneron's stock ticker on NASDAQ?

Regeneron's stock ticker is REGN.

RBC Capital Maintains Sector Perform on Regeneron (REGN) with $707 Target

RBC Capital maintained its Sector Perform rating on Regeneron Pharmaceuticals (REGN) with a $707 price target. Analysts noted that AbbVie's acquisition of Apogee Therapeutics is a net negative for Regeneron.

Introductory Paragraph

RBC Capital Markets maintained its Sector Perform rating on Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) on June 22, setting a $707 price target. The firm noted that AbbVie's (NYSE:ABBV) acquisition of Apogee Therapeutics, announced that morning, is a net negative for the company.

Rating Change

RBC Capital did not change its rating on REGN, keeping it at Sector Perform. The $707 price target reflects a relatively conservative estimate compared to some other analysts' expectations.

Analyst Rationale

RBC Capital analysts believe that AbbVie's acquisition of Apogee Therapeutics could intensify competition in the dermatology treatment market, an area where Regeneron is active with its drug Dupixent (dupilumab). The deal may also bolster AbbVie's R&D capabilities, potentially impacting Regeneron's market share in the long term.

Context

In recent weeks, REGN shares have traded around $650-680, slightly below RBC Capital's price target. Meanwhile, Regeneron has received mixed ratings from other analysts, with some viewing the stock as undervalued given its strong product pipeline.

Conclusion

RBC Capital's neutral stance on Regeneron highlights potential competitive challenges. Investors are advised to monitor the AbbVie-Apogee deal's impact on the dermatology treatment sector.