BofA reiterates Regeneron stock rating after melanoma trial miss
Investing.com – BofA Securities reiterated a Buy rating and $860.00 price target on Regeneron Pharmaceuticals stock (NASDAQ:REGN) following a clinical trial setback. The target represents roughly 23% upside from the current price of $698.25, with the stock trading down 9.4% year-to-date. Wall Street analysts maintain a bullish stance overall, with price targets ranging from $700 to $1,057.
The company announced that its phase 3 trial evaluating fianlimab plus cemiplimab versus pembrolizumab monotherapy in first-line metastatic melanoma did not meet the primary endpoint.
BofA Securities did not assign standalone value for the program, noting that even with a positive trial result, the bar for meaningful clinical differentiation was high. The firm had been cautious on a positive outcome given LAG-3 has been a largely disappointing mechanism and the slow event accrual that led to multiple delays and protocol amendments.
The firm views the LAG-3 readout as a call option rather than central to its investment thesis. BofA Securities sees any potential weakness in the shares as a particularly attractive buying opportunity.
The firm maintains its Buy rating with an $860 price target on Regeneron Pharmaceuticals.
In other recent news, Regeneron Pharmaceuticals reported that its Phase 3 trial for the melanoma treatment combining fianlimab and cemiplimab did not achieve its primary endpoint of statistically significant improvement in progression-free survival. Despite a median progression-free survival of 11.5 months for the high-dose combination, compared to 6.4 months for pembrolizumab monotherapy, the results did not reach statistical significance. Additionally, Regeneron and Sanofi released findings from a Phase 4 trial indicating that Dupixent improved esophageal function in adults with eosinophilic esophagitis over 24 weeks.
Meanwhile, financial analysts have adjusted their outlooks on Regeneron. Truist Securities lowered its price target for Regeneron shares to $769 from $801, maintaining a Buy rating, following a first-quarter 2026 earnings report that exceeded expectations. Raymond James also reduced its price target to $902 from $910 while keeping an Outperform rating, noting that while Dupixent drove strong first-quarter results, Eylea HD underperformed. In the first quarter, Regeneron reported a 10% decline in sales of its eye-disease drug Eylea, with sales falling to $941 million, partly due to lower wholesaler inventory levels affecting Eylea HD.
