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July 9, 2020, 9:42 a.m. EDT

Regeneron shares are up 2% after SunTrust upgrades the stock

Shares of Regeneron Pharmaceuticals Inc. (NAS:REGN) were up 2.1% in trading on Thursday as SunTrust Robinson Humphrey analysts upgraded the stock to buy from hold, citing the strength of the company's drug pipeline. In a July 8 note to investors, they said that Regeneron's base business, which includes macular degeneration drug Eylea and atopic dermatitis therapy Dupixent, has remained strong during the COVID-19 pandemic. SunTrust analysts also said that the company's work on experimental COVID-19 therapies is an indicator of its "innovation engine." The company is currently testing an experimental antibody cocktail candidate as a treatment for COVID-19 as well as to see if the therapy can prevent infection; however, Regeneron also said last week that a trial examining whether rheumatoid arthritis drug Kevzara, which Regeneron co-developed with Sanofi (NAS:SNY) , could work as a COVID-19 drug had failed in a late-stage study. Regeneron's stock has gained 72.9% year-to-date. The S&P 500 (S&P:SPX) is down 1.8% for the year.

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