- Shares of Regeneron Pharmaceuticals leapt as high as 9.7% on Monday following news that President Trump received the drugmaker’s antibody treatment while hospitalized.
- Regeneron’s medicine is still in experimental trials, but could receive emergency use authorization for the treatment of COVID-19 by the FDA in a matter of days, according to a team of SVB Leerink analysts.
- Regeneron is up almost 60% year-to-date and has risen roughly 110% over the last 12 months.
Shares of Regeneron Pharmaceuticals jumped as high as 9.7% on Monday on news that President Trump received the drugmaker’s antibody cocktail.
In a memo released Friday, White House physician Sean Conley said Trump received a single eight-gram dose of Regeneron’s antibody cocktail, REGN-COV2, and completed the infusion without incident.
Regeneron’s medicine is an experimental treatment that has been used in trials with fewer than a thousand patients. It has not yet received an emergency use authorization for the treatment of COVID-19 by the FDA, but a team of SVB Leerink analysts said on Monday that they expect an EUA in a matter of days.
“There are certainly risks for Regeneron in providing their antibody to the POTUS in such circumstances,” SVB Leerink said. “But both the company and the White House’s medical staff are likely to have had access to much more information about REGN-COV2 than the company has disclosed publicly so far.”
SVB Leerink rates Regeneron as “outperform” and has a price target of $629. Shares of the drugmaker are trading at $601 as of Monday morning.
Regeneron is up almost 60% year-to-date and has risen roughly 110% over the last 12 months.
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