Pinnacle Associates Ltd. Cuts Stake in Regeneron Pharmaceuticals, Inc. (REGN)
Pinnacle Associates Ltd. decreased its position in Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) by 4.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 267,531 shares of the biopharmaceutical company’s stock after selling 11,063 shares during the period. Regeneron Pharmaceuticals comprises 2.5% of Pinnacle Associates Ltd.’s portfolio, making the stock its 2nd largest position. Pinnacle Associates Ltd. owned about 0.25% of Regeneron Pharmaceuticals worth $131,395,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. National Pension Service raised its position in shares of Regeneron Pharmaceuticals by 10.8% in the second quarter. National Pension Service now owns 66,518 shares of the biopharmaceutical company’s stock worth $33,920,000 after buying an additional 6,481 shares during the period. Princeton Capital Management Inc. raised its position in shares of Regeneron Pharmaceuticals by 6.7% in the first quarter. Princeton Capital Management Inc. now owns 2,496 shares of the biopharmaceutical company’s stock worth $967,000 after buying an additional 157 shares during the period. CIBC World Markets Inc. raised its position in shares of Regeneron Pharmaceuticals by 2,190.6% in the first quarter. CIBC World Markets Inc. now owns 21,784 shares of the biopharmaceutical company’s stock worth $8,442,000 after buying an additional 20,833 shares during the period. Oppenheimer & Co. Inc. increased its stake in Regeneron Pharmaceuticals by 3.4% in the first quarter. Oppenheimer & Co. Inc. now owns 5,808 shares of the biopharmaceutical company’s stock worth $2,251,000 after buying an additional 189 shares in the last quarter. Finally, Bbva Compass Bancshares Inc. increased its stake in Regeneron Pharmaceuticals by 30.5% in the first quarter. Bbva Compass Bancshares Inc. now owns 13,342 shares of the biopharmaceutical company’s stock worth $5,170,000 after buying an additional 3,119 shares in the last quarter. Institutional investors own 67.96% of the company’s stock.
Shares of Regeneron Pharmaceuticals, Inc. (REGN) traded up 1.37% on Friday, reaching $503.69. The company’s stock had a trading volume of 225,646 shares. Regeneron Pharmaceuticals, Inc. has a 52-week low of $325.35 and a 52-week high of $543.55. The company has a market cap of $53.41 billion, a P/E ratio of 50.53 and a beta of 1.66. The company has a 50 day moving average price of $486.45 and a 200 day moving average price of $438.75.
Regeneron Pharmaceuticals (NASDAQ:REGN) last released its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported $4.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.67 by $1.50. Regeneron Pharmaceuticals had a return on equity of 25.58% and a net margin of 22.05%. The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter last year, the business posted $2.82 EPS. The company’s revenue for the quarter was up 21.2% on a year-over-year basis. On average, analysts anticipate that Regeneron Pharmaceuticals, Inc. will post $14.85 earnings per share for the current fiscal year.
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A number of research firms have recently commented on REGN. BidaskClub raised Regeneron Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Morgan Stanley reissued an “equal weight” rating and issued a $450.00 price objective on shares of Regeneron Pharmaceuticals in a research note on Wednesday, August 23rd. Evercore ISI began coverage on Regeneron Pharmaceuticals in a research note on Wednesday, August 16th. They issued an “outperform” rating and a $605.00 price objective on the stock. J P Morgan Chase & Co reissued a “hold” rating on shares of Regeneron Pharmaceuticals in a research note on Tuesday, August 15th. Finally, Leerink Swann reissued a “positive” rating and issued a $552.00 price objective (down previously from $580.00) on shares of Regeneron Pharmaceuticals in a research note on Tuesday, August 15th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $495.59.
In other Regeneron Pharmaceuticals news, Director Joseph L. Goldstein sold 1,000 shares of Regeneron Pharmaceuticals stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $482.55, for a total value of $482,550.00. Following the sale, the director now owns 14,000 shares of the company’s stock, valued at approximately $6,755,700. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sanofi purchased 166,415 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was purchased at an average cost of $480.93 per share, for a total transaction of $80,033,965.95. The disclosure for this purchase can be found here. Insiders sold a total of 128,978 shares of company stock worth $61,591,977 in the last three months. Company insiders own 10.40% of the company’s stock.
About Regeneron Pharmaceuticals
Regeneron Pharmaceuticals, Inc is a biopharmaceutical company that discovers, invents, develops, manufactures and commercializes medicines for the treatment of serious medical conditions. The Company commercializes medicines for eye diseases, high low-density lipoprotein (LDL) cholesterol, and an inflammatory condition and have product candidates in development in other areas, including rheumatoid arthritis, asthma, atopic dermatitis, pain, cancer, and infectious diseases.
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