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Regeneron Pharmaceuticals (REGN) shares tanked this morning as the biotech firm announced its highly anticipated Phase 3 trial evaluating an experimental skin cancer combination therapy failed to meet its primary endpoint.
The late-stage trial REGN’s fianlimab (LAG-3 inhibitor), combined with its established immuno-therapy Libtayo, against Merck’s (MRK) blockbuster standard-of-care, Keytruda, in over 1,500 advanced melanoma patients.
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Subscribe today! Regeneron stock has been a major disappointment for investors in 2026, currently down about 20% versus the start of this year.
The update is decidedly bearish for REGN shares because it strips away a notable expected driver of the company’s future revenue growth.
RBC analysts had modeled substantial commercial success for fianlimab in melanoma patients, projecting probability-adjusted peak sales between $1.6 billion and $1.8 billion.
With those future billions effectively wiped off the table, the investment firm cut its price objective on Regeneron Pharmaceuticals to $707.
Investors should note that REGN has also now slipped below its 200-day moving average (MA), indicating the bearish momentum could sustain in the near term.
Despite the aforementioned hit to the oncology pipeline, RBC doesn’t necessarily recommend selling Regeneron shares today.
Its downwardly revised estimate still signals potential upside of about 13%, given that the biotech firm’s primary commercial growth engines remain incredibly strong and largely untouched by the Phase 3 update.
Its blockbuster anti-inflammatory drug, Dupixent, continues to deliver stellar sales growth (33% in the first quarter), heavily supported by expanded lifecycle initiatives into new medical indications.
Moreover, Eylea HD momentum is returning to growth, and a highly anticipated step-up in royalty contributions from its partnership with Sanofi (SNY) will soon filter into the bottom line, the investment firm told its clients.
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