NEW YORK (TheStreet) -- Regeneron Pharmaceuticals (REGN) shares are up 4.6% to $366.61 on Tuesday after announcing that early results from the clinical trials of its injectable cholesterol lowering treatment alirocumab suggest that the drug could reduce the risk of heart attacks and strokes by half.
However, analysts at Morgan Stanley (MS) reiterated their "equal weight" rating on the stock while removing its $310 price target, stating that positive experimental drug news is already built into the firm's analysis of the company.
TheStreet's Gregg Greenberg takes a closer look at Regeneron and Sanofi and their experimental cholesterol drug:
"While there could be some investor enthusiasm around the CV data, we do not believe alirocumab could differentiate itself from evolocumab on such a small study and further believe any positive CV data would be viewed as a class effect," said analysts at the firm, "Our $2B in 2020E WW alirocumab sales already reflects positive LDL lowering data, though we note positive outcomes data could double our estimates."
Regeneron is developing the drug in conjunction with Sanofi (SNY) .
TheStreet Ratings team rates REGENERON PHARMACEUTICALS as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: