Jim Cramer: Don't Buy Regeneron Off of Its EUA Application With the FDA

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Regeneron's  (REGN) - Get Report monoclonal antibody treatment has been praised by President Donald Trump who took the treatment after he tested positive for the coronavirus and tweeted about it last week.

Regeneron now says that it will seek emergency use authorization from the Food & Drug Administration.

Regeneron said its REGN-COV2 treatment, a combination of two monoclonal antibodies, is designed to prevent the infectivity of SARS-CoV-2, the virus that causes COVID-19. The group has around 50,000 doses available for public use and said it would have doses available for "300,000 patients in total within the next few months" if the Emergency Use Authorization (EUA) is approved.

President Trump was injected with the treatment last week, according to his physicians, and he claimed in a video released late Wednesday to "feel good immediately" and suggested that "it just me me better. I call that a cure."

Regeneron's REGN-COV2, is undergoing a jointly run trial with the National Institute of Allergy and Infectious Diseases, of 2,000 people, as well as a separate study of 2,900 coronavirus patients who are in hospitals and ambulatory settings. 

This comes after Eli Lilly & Co. filed an EUA application with the FDA trial on Wednesday, with data showing that the experimental antibody, Y-CoV555, met both primary and secondary endpoints. 

While Jim Cramer has been recommending Regeneron for quite some time, he wouldn't buy the stock here. He broke down why in the video above. 

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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