NEW YORK (TheStreet) -- Regeneron Pharmaceuticals (REGN) - Get Report and French pharmaceutical company Sanofi (SNY)announced today that a joint Phase III trial of their cholesterol drug Praulent met targets.
The drug effectively reduced cholesterol in people with a hereditary high-cholesterol disorder and lowered the need for an expensive procedure, called apheresis therapy, to diminish cholesterol levels, the Tarrytown, NY-based biotechnology company said in a statement.
Regeneron said approximately 93% of patients treated with Praulent experienced at least a 50% reduction in their apheresis procedures.
Praulent was approved by regulators last year on the agreement that the companies continued studies of the drug with human subjects, according to MarketWatch.
Shares of Regeneron were lower in mid-afternoon trading today. Sanofi stock was increasing in mid-afternoon trading on Monday.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
The team rates Regeneron Pharmaceuticals as a Buy with a ratings score of B-. This is driven by a number of strengths, which it believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, notable return on equity and increase in net income. TheStreet Ratings team feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: