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Cramer dubs Regeneron stock a ‘favourite’ after two new FDA approvals

By:
on Aug 21, 2023
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  • Regeneron secured FDA approval for Eylea HD and Veopoz today.
  • Famed investor Jim Cramer discussed the biotech stock on CNBC.
  • Oppenheimer analyst now sees upside in Regeneron stock to $1,050.

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Regeneron Pharmaceuticals Inc (NASDAQ: REGN) secured FDA approval for Eylea HD – a higher-dose of its treatment for Macular Degeneration on Monday.

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Jim Cramer is bullish on Regeneron stock

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Shares of the biotech giant responded with an over 3.0% gain this morning.

Regeneron stock is now worth $145 more versus early July. Still, famed investor Jim Cramer is convinced that it has more room to the upside. On CNBC’s “Squawk on the Street”, he said today:

This is a remarkable drug for macular degeneration. One of my favourite stocks is Regeneron. I think it’s going to be worth more.

Note that Eylea HD is just as safe and effective for patients of age-related macular degeneration but with fewer injections. On Monday, the Food and Drug Administration approved Regeneron’s Veopoz for Chaple disease as well.

Oppenheimer raises its price target on REGN

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Jim Cramer is particularly bullish on the management of CEO Leonard Schleifer – who cofounded the Nasdaq-listed firm in 1988.  

Who shares his optimism on Regeneron stock is Hartaj Singh – an Oppenheimer analyst. Singh raised his price target on shares of this Tarrytown-headquartered firm today to $1,050 and said:

While there have been concerns about competition to Eylea 2mg over the last year, we expect Eylea HD to give Regeneron Pharmaceuticals’ eye franchise its mojo back.

His price objective suggests another 25% upside from here. The stock market news arrives a couple weeks after Regeneron Pharmaceuticals reported its financial results for the second quarter that handily topped Street estimates.  

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