Regeneron Pharmaceuticals (REGN) popped in the stock market today, but shares are hitting resistance at a key level. The biotech now faces less competition for its cholesterol drug, as Eli Lilly (LLY) is discontinuing development of its heart-disease treatment, which RBC Capital Markets notes is a big benefit for Regeneron and its larger peer Amgen (AMGN). Regeneron gapped up 5.2% in heavy volume on Monday. But the stock looks to be finding
Big biotechs Amgen (AMGN) and Regeneron Pharmaceuticals (REGN) were trading up Wednesday morning after pharmacy-benefit manager Express Scripts (ESRX) said late Tuesday that it will include both their new cholesterol-busting drugs on its 2016 preferred formulary. Express Scripts had long been saying it would make an effort to keep down the prices of Amgen’s Repatha and Regeneron’s Praluent, both of which are PCSK9 inhibitors that launched this
Biotechs and drugmaker stocks are leading today’s losses, and Regeneron Pharmaceuticals (REGN) is showing particular weakness. Despite announcing European Commission marketing approval for its cholesterol drug Praluent, the biotech’s shares are crumbling. The stock was down 8% in afternoon trade. Volume was heavy. The move is a substantial blow to shares, which are now trading below the 200-day line for the first time in more than a year.