Shares of Regeneron Pharmaceuticals, Inc. (REGN) touched a new high of $527.1 on Wednesday before closing at $511.69.
The pharma company’s shares have been on a steady growth for the past many months. Recently, in less than three months, the stock rose more than 50%. The company’s latest developments in Covid-19 antibody program are driving the stock up.
Last month, Regeneron said its scientists were able to isolate hundreds of virus-neutralizing, fully human antibodies and the top two out of which, could be used as a cocktail therapy, which can be administered as prophylaxis before exposure to the new coronavirus or as treatment for those who were already infected. It expects to start testing patients in June and begin manufacturing of prophylactic doses at large scale by the end of summer.
The company’s multi-antibody approach helps to target different parts of the virus and may help protect against multiple viral variants.
The experience of discovering treatment for Ebola virus disease using these technologies, which is under review by the FDA, gives the company an edge over others who are struggling to come up with Covid-19 treatment.
Meanwhile, Regeneron and Sanofi’s rheumatoid arthritis drug Kevzara (sarilumab) is in phase 2/3 study to treat lung inflammation in patients with severe COVID-19.
Other than these new advancements, Regeneron has a long list of successful drugs and a strong pipeline of candidates. Its most successful drug Eylea, indicated to treat all stages of diabetic retinopathy (DR), fetched U.S. sales of $1.22 billion in the fourth quarter.
Wednesday, Regeneron stock was down $13.15 or 2.51% before closing at $511.69.
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