Regeneron jumps 10% as Trump gets the drugmaker's antibody treatment
- Shares of Regeneron Pharmaceuticals leaped as much as 9.7% on Monday following the news that President Donald Trump received the drugmaker's antibody treatment.
- Regeneron's medicine is still in trials but could receive emergency use authorization for treating COVID-19 from the Food and Drug Administration in days, a team of SVB Leerink analysts said.
- Regeneron is up almost 60% year-to-date and has risen roughly 110% over the past 12 months.
- Watch Regeneron trade live here.
Shares of Regeneron Pharmaceuticals jumped as much as 9.7% on Monday on the news that President Donald Trump received the drugmaker's antibody cocktail.
In a memo on Friday, the White House physician, Sean Conley, said Trump received an 8-gram dose of Regeneron's antibody cocktail, REGN-COV2.
Regeneron's medicine is an experimental treatment that has been used in trials with fewer than 1,000 patients. It has not received emergency use authorization for treating COVID-19 from the Food and Drug Administration, but a team of SVB Leerink analysts said on Monday that they expected the authorization in a matter of days.
"There are certainly risks for Regeneron in providing their antibody to the POTUS in such circumstances," the SVB Leerink analysts said. "But both the company and the White House's medical staff are likely to have had access to much more information about REGN-COV2 than the company has disclosed publicly so far."
SVB Leerink rated Regeneron "outperform," with a price target of $629. Shares of the drugmaker traded at $601 on Monday morning.
Regeneron is up almost 60% year-to-date and has risen roughly 110% over the past 12 months.