RBC keeps Regeneron at outperform

Regeneron Pharmaceuticals, Inc. was reiterated at outperform, above average risk, and an $18 price target by RBC Capital Markets analyst Michael J. Yee. The analyst expects the next significant clinical data for VEGF-Trap in age-related macular degeneration to be released in early 2007, versus prior management guidance of year-end 2006. Phase 2 data should show significant vision improvement, setting the stage for a possible lucrative partnership and a head-to-head phase 3 trial against Lucentis. Shares of the Tarrytown, N.Y.-based biotechnology company were down 2 cents, or 0.13%, at $15.67.

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