NEW YORK (TheStreet) -- Regeneron Pharmaceuticals
(REGN - Get Report) had coverage initiated on its shares with a "buy" rating by analysts at Canaccord Genuity
The firm set a price target of $350 on the shares.
Regeneron Pharmaceuticals is up 2.6% to $295.57 in pre-market trading on Wednesday.
The positive rating rests on the back on Regeneron's PCSK9 cholesterol drug which the firm expects to reach $1.8 billion in sales by 2019.
Canaccord analysts also took into account the pharmaceutical company's yet to be FDA approved sarilumab and dupilumab drugs as potential high earners in the future.
"Regeneron's sarilumab and dupilumab are both validated biologic assets, adding meaningful additional value to shares. We expect FDA approval for sarilumab in 2015, and potential FDA approval for dupilumab in 2016. Both products would carry 12-year biologic exclusivity and target billion dollar markets." analysts said.