Regeneron Pharmaceuticals (NASDAQ: REGN) has received a boost in its stock price target, with UBS Group increasing its forecast from $595.00 to $660.00. This adjustment comes following the company’s recent quarterly earnings announcement and suggests a potential upside of approximately 1.91% from its previous closing price.
UBS currently maintains a “neutral” rating on Regeneron’s stock, indicating a cautious optimism. Other analysts have also recently weighed in on the biopharmaceutical company. Cantor Fitzgerald upgraded its target price significantly from $678.00 to $740.00, assigning an “overweight” rating on October 29, 2023. In contrast, Morgan Stanley adjusted its price objective downward from $761.00 to $756.00, while still maintaining an “overweight” rating as of October 10, 2023.
The stock’s performance has garnered mixed reviews, with Weiss Ratings reaffirming a “hold (c-)” rating on October 8, 2023. Meanwhile, Wall Street Zen upgraded its stance from “hold” to “buy” on November 1, 2023. Citigroup also raised its target from $660.00 to $700.00 on October 29, 2023, giving Regeneron a “buy” rating. In total, three analysts have rated the stock as a Strong Buy, fifteen as Buy, seven as Hold, and one as Sell. According to MarketBeat.com, Regeneron Pharmaceuticals has an average rating of “Moderate Buy” with an average target price of $796.57.
Strong Quarterly Performance
On October 28, 2023, Regeneron Pharmaceuticals reported its quarterly earnings, revealing earnings per share (EPS) of $11.83. This figure surpassed analysts’ consensus estimates of $9.73 by $2.10. The company recorded revenues of $3.75 billion for the quarter, exceeding the consensus estimate of $3.57 billion. Regeneron’s return on equity stood at 13.76%, with a net margin of 32.13%. Additionally, quarterly revenue increased by 0.9% compared to the same period last year, although EPS declined from $12.46 in the previous year.
Analysts anticipate that Regeneron will post an EPS of $35.92 for the current fiscal year, reflecting continued confidence in the company’s financial outlook.
Insider Trading and Institutional Investments
In corporate news, Regeneron Director Christine A. Poon sold 6,500 shares on October 29, 2023, at an average price of $654.27, totaling approximately $4.25 million. Following this transaction, she retains 2,352 shares valued at around $1.54 million, marking a significant reduction of 73.43% in her ownership.
Institutional investors have also been active, with several hedge funds adjusting their stakes in Regeneron. NEOS Investment Management LLC increased its holdings by 50.3% during the third quarter, now owning 48,173 shares valued at $27.09 million. GSA Capital Partners LLP raised its position by 65.2%, obtaining 3,440 shares valued at $1.93 million.
Rothschild Investment LLC and Merit Financial Group LLC also boosted their investments, with Rothschild increasing its stake by 51.1% and Merit Financial growing its holdings by an impressive 302.4%. Collectively, institutional and hedge fund ownership represents 83.31% of Regeneron’s stock.
Regeneron Pharmaceuticals continues to position itself as a leader in the biopharmaceutical industry, focusing on the discovery, development, and commercialization of innovative therapies. With a strong portfolio that includes treatments for conditions such as wet age-related macular degeneration, the company is well-positioned for future growth.
