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Canaccord Genuity began coverage on shares of Regeneron Pharmaceuticals (NASDAQ:REGN) in a research note issued on Wednesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $350.00 price target on the stock. Canaccord Genuity’s target price points to a potential upside of 21.49% from the stock’s previous close.

The analysts wrote, “We are initiating coverage of Regeneron with a BUY rating and $350 price target. Regeneron has the top pipeline in biotech, in our view, with two Phase 3 validated drugs in development, and an additional Phase 2 validated asset. We expect continued pipeline success to drive long-term growth going forward.”

Shares of Regeneron Pharmaceuticals (NASDAQ:REGN) traded up 2.77% during mid-day trading on Wednesday, hitting $296.05. 273,071 shares of the company’s stock traded hands. Regeneron Pharmaceuticals has a 52 week low of $203.70 and a 52 week high of $352.49. The stock has a 50-day moving average of $316.7 and a 200-day moving average of $297.4. The company has a market cap of $29.353 billion and a price-to-earnings ratio of 75.61.

Regeneron Pharmaceuticals (NASDAQ:REGN) last issued its quarterly earnings data on Tuesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $1.27. The company had revenue of $610.00 million for the quarter, compared to the consensus estimate of $579.17 million. During the same quarter in the previous year, the company posted $1.47 earnings per share. The company’s revenue for the quarter was up 47.0% on a year-over-year basis. On average, analysts predict that Regeneron Pharmaceuticals will post $4.35 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on REGN. Analysts at Roth Capital raised their price target on shares of Regeneron Pharmaceuticals to $382.00 in a research note on Monday, March 31st. Separately, analysts at Morgan Stanley initiated coverage on shares of Regeneron Pharmaceuticals in a research note on Wednesday, March 26th. They set an “equal weight” rating and a $320.00 price target on the stock. Finally, analysts at Citigroup Inc. upgraded shares of Regeneron Pharmaceuticals from a “neutral” rating to a “buy” rating in a research note on Monday, March 17th. They now have a $390.00 price target on the stock, up previously from $342.00. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Regeneron Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $325.08.

Regeneron Pharmaceuticals, Inc (NASDAQ:REGN) is an integrated biopharmaceutical company, which discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions.

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