Piper keeps Overweight on Regeneron after Libtayo approval

Piper Jaffray analyst Christopher Raymond keeps an Overweight rating on Regeneron Pharmaceuticals (REGN) after Friday’s FDA approval of Libtayo in cutaneous squamous cell carcinoma. Timing is about a month ahead of the late-October FDA action date for Regeneron/Sanofi’s (SNY) PD-1 inhibitor, but a positive decision was expected given the drug’s “compelling data” in advanced CSCC, Raymond tells investors in a research note. While Libtayo will enter the market as the sixth approved PD-(L)1 inhibitor and third approved PD-1 agent, Raymond thinks readouts from the ongoing development program in other indications such as first-line non-small-cell lung carcinoma may make the case for moderate Libtayo uptake.
https://thefly.com/landingPageNews.php?id=2797409