Published: December 4, 2025
Key Takeaways
- BMO Capital raised its Regeneron (NASDAQ: REGN) price target to $850 from $725 and reiterated an “Outperform” rating, citing accelerating Dupixent momentum, improving Eylea HD dynamics and easing regulatory overhangs. [1]
- Canaccord Genuity boosted its target to a Street‑high $1,057 from $850 and kept a Buy rating, arguing Dupixent growth will more than offset declining Eylea sales. [2]
- Across Wall Street, Regeneron now carries a consensus “Moderate Buy” rating from 28 analysts with an average 12‑month price target around the mid‑$760s, modestly above today’s mid‑$720 share price. [3]
- Institutional investors are actively rebalancing positions—some trimming (Schroder, Groupe la Francaise) while others have recently added—against the backdrop of a 50%+ six‑month rally in REGN stock. [4]
- A new gene‑editing partnership with Tessera Therapeutics around TSRA‑196, backed by $150 million upfront and up to $125 million in milestones, adds another long‑term growth pillar. [5]
Wall Street Re‑rates Regeneron After Big Run — and Bigger Dupixent Story
Regeneron Pharmaceuticals has suddenly become one of the most hotly debated large‑cap biotechs on Wall Street.
On Thursday, December 4, 2025, multiple analyst moves and fresh data reshaped the Regeneron (REGN) stock narrative:
- BMO Capital lifted its price target to $850 while maintaining an Outperform rating. [6]
- Canaccord Genuity went even further, hiking its target to $1,057 and reiterating a Buy. [7]
- MarketBeat’s latest snapshot shows a “Moderate Buy” consensus across 28 covering analysts, with an average 12‑month target close to $768 per share. [8]
Taken together, these moves signal that, despite a sharp rally off the summer lows, many professionals still see upside in REGN stock, driven primarily by Dupixent, Regeneron’s blockbuster anti‑inflammatory drug co‑developed with Sanofi, and a deepening pipeline in genetics and oncology. [9]
At the same time, concerns about valuation and Eylea headwinds haven’t disappeared—a point underscored by Morgan Stanley’s downgrade to “Equal Weight” just one day earlier. [10]
BMO Capital: Price Target to $850 on Dupixent Strength and Eylea HD Stabilization
BMO Capital’s latest note effectively tells investors that Regeneron’s recent 50% share price surge isn’t the end of the story. [11]
According to Investing.com’s coverage, BMO analyst Evan David Seigerman raised his REGN target price from $725 to $850, maintaining an Outperform rating. [12]
Key points from that call:
- Valuation reset after a 6‑month rally: BMO acknowledges REGN shares are up roughly 50% over the past six months, a recovery that followed disappointment around the itepekimab asthma program earlier this year. [13]
- Regulatory clouds are clearing: The firm highlights positive regulatory developments, including approvals for retinal vein occlusion (RVO) and quarterly dosing of Eylea HD, easing worries about the ophthalmology franchise. [14]
- Dupixent doing more of the heavy lifting: BMO sees stronger‑than‑expected Dupixent contributions and a less severe erosion of legacy 2 mg Eylea as key reasons to boost its target. [15]
The bank also points to the Tessera Therapeutics partnership—a gene‑editing collaboration around TSRA‑196 for alpha‑1 antitrypsin deficiency (AATD)—as part of a broader effort to “turn the Regeneron story around” heading into 2026. The deal carries a $150 million upfront cash and equity investment and up to $125 million in development milestones, with profits and costs shared globally. [16]
BMO’s new $850 target still sits below the highest Street estimate of $1,057, but it reinforces the idea that Regeneron is no longer viewed as an Eylea‑only story. [17]
Canaccord Genuity: Street‑High $1,057 Target on Dupixent Outpacing Eylea
If BMO is constructive, Canaccord Genuity is outright bullish.
In a research note summarized by The Fly and TipRanks, the firm lifted its Regeneron price target from $850 to $1,057—a new high watermark among published targets—and maintained a Buy rating. [18]
Canaccord’s bullish thesis rests squarely on Dupixent’s structural advantage:
- Dupixent revenues now surpass U.S. Eylea: The firm notes that Sanofi collaboration revenues tied to Dupixent exceeded U.S. Eylea sales for the first time in 1Q25, and expects this gap to widen. [19]
- Eylea decline is manageable: While Eylea’s original 2 mg formulation continues to face pressure from Roche’s Vabysmo and other competitors, uptake of Eylea HD is cushioning the fall. [20]
- Dupixent as the “key growth driver going forward”: Canaccord explicitly frames Dupixent as the engine that can more than offset Eylea’s decline, a view supported by third‑quarter slides showing global Dupixent net sales of about $4.9 billion, up 26% year over year and now treating more than 1.3 million patients worldwide. [21]
In other words, Canaccord sees Dupixent evolving into a “pipeline in a product” with multiple new indications—COPD, chronic spontaneous urticaria, bullous pemphigoid and others—supporting sustained high‑single‑digit to double‑digit revenue growth even as ophthalmology normalizes. [22]
Consensus Snapshot: “Moderate Buy” With Mid‑Single‑Digit Upside
Despite the aggressive targets from BMO and Canaccord, Regeneron’s overall analyst consensus remains more restrained.
According to the latest MarketBeat forecast and instant alert published on December 4: [23]
- 28 analysts currently cover REGN.
- The stock holds an overall rating of “Moderate Buy.”
- The breakdown: 1 Sell, 9 Hold, 15 Buy and 3 Strong Buy ratings.
- The average 12‑month price target is roughly $760–$770 per share, implying mid‑single‑digit upside from current trading levels in the mid‑$720s.
MarketBeat also highlights Regeneron’s solid fundamentals:
- Q3 2025 revenue of $3.75 billion, up about 1% year over year. [24]
- Non‑GAAP EPS of $11.83, well ahead of ~$9.6 consensus estimates. [25]
- A P/E ratio in the high teens, a current ratio above 4x and net margins above 30%, signaling a strong balance sheet and robust cash generation. [26]
Even Morgan Stanley’s December 3 downgrade from Overweight to Equal Weight left its price target at $767, only slightly below the consensus and still above the current share price. [27]
The message: Wall Street is not unanimous—but the center of gravity remains positive.
Institutions Take Profits While Others Buy the Dip
Regeneron’s rapid move higher has also triggered portfolio reshuffles among large institutional investors, a theme highlighted in several December 4 MarketBeat filings:
- Groupe la Francaise cut its REGN stake by 45.7% in the second quarter, ending with 4,356 shares worth about $2.3 million. [28]
- Schroder Investment Management Group trimmed its position by 54%, selling 25,815 shares and holding 22,005 shares valued around $11.6 million at the time of filing. [29]
Those reductions come alongside earlier disclosures that other investors, such as Lido Advisors LLC, boosted their stakes, and that more than 83% of the float is held by institutions and hedge funds. [30]
This pattern—some funds locking in profits after a big run while others accumulate—fits with the mixed but generally constructive analyst backdrop.
Jim Cramer: “I Lost Sight of It, I Shouldn’t Have”
The latest moves in REGN stock have not gone unnoticed on financial TV, either.
On CNBC’s Mad Money, Jim Cramer recently addressed a caller asking whether Regeneron, up roughly 54% from its summer lows, could keep climbing. According to a recap from Insider Monkey, Cramer admitted he had “lost sight” of the name despite CEO Len Schleifer urging him to stay focused on what the company was building, and said he regretted not recommending the stock earlier. [31]
While Cramer’s remarks are opinion rather than analysis, they underscore how sentiment around Regeneron has shifted from cautious to increasingly optimistic over the course of 2025 as Dupixent and Libtayo have stepped further into the spotlight. [32]
Beyond Eylea: Dupixent, Libtayo and a Growing Genetic Medicines Platform
For years, Eylea—Regeneron’s blockbuster eye drug—was the center of the investment story. That is no longer the case.
Recent earnings and slide decks show a much more diversified growth profile: [33]
- Dupixent
- Q3 2025 global net sales of about $4.9 billion, up 26% year over year. [34]
- More than 1.3 million patients worldwide treated across at least eight approved indications, including asthma, atopic dermatitis, COPD and chronic spontaneous urticaria. [35]
- Collaboration revenue from Sanofi tied to Dupixent has overtaken U.S. Eylea sales, and is expected to continue widening that lead. [36]
- Eylea / Eylea HD
- The ophthalmology franchise remains under pressure from Roche’s Vabysmo and prior FDA setbacks, but Eylea HD is gaining traction, contributing more than a third of franchise sales in Q3 2025 and helping maintain roughly 60% share of the branded U.S. anti‑VEGF market. [37]
- Libtayo and broader oncology
- Libtayo delivered around $365 million in Q3 2025 sales, up roughly 24% year over year, pushing year‑to‑date revenue past $1 billion. [38]
- The company is advancing multiple late‑stage oncology assets and expanding indications for existing antibodies.
Layered on top of this commercial base is the new Tessera collaboration, which formally launched on December 1, 2025. Under that deal, Regeneron and Tessera will co‑develop TSRA‑196, an in vivo “Gene Writing” therapy aimed at fixing the underlying SERPINA1 gene defect in alpha‑1 antitrypsin deficiency (AATD)—a serious inherited liver‑and‑lung disease affecting around 200,000 people in the U.S. and Europe. [39]
Regeneron is paying $150 million upfront and can owe up to $125 million in milestones, with Tessera leading the first‑in‑human trial and Regeneron handling later‑stage development and commercialization. Profits and development costs will be split globally. [40]
For analysts like BMO and Canaccord, these moves expand the “optionality” embedded in REGN beyond near‑term earnings, helping justify higher long‑term price targets despite the stock’s recent rally. [41]
What Today’s Moves Mean for REGN Investors
From an investor’s perspective, December 4, 2025 marks a notable inflection point in the Regeneron story:
- Upside scenarios are getting more aggressive. A $1,057 target from Canaccord implies substantial additional upside from today’s prices, especially if Dupixent keeps beating expectations and new gene‑editing programs like TSRA‑196 gain traction. [42]
- The consensus is constructive but not euphoric. With a “Moderate Buy” rating and an average target in the mid‑$760s, Wall Street broadly sees REGN as modestly undervalued rather than wildly mispriced. [43]
- Risks remain real. Eylea is still in secular decline, competition in ophthalmology and immunology is intense, and high expectations for Dupixent and genetic medicines raise the bar for execution. Morgan Stanley’s downgrade is a reminder that some analysts think valuation now fairly reflects these risks. [44]
- Ownership and sentiment are rotating, not collapsing. Institutional holders are rebalancing after significant gains, while televised voices like Jim Cramer are effectively admitting they underestimated the story. [45]
For now, Regeneron (REGN) sits at the crossroads of three powerful themes:
- The continued rise of Dupixent in immunology;
- The evolution of its ophthalmology franchise from classic Eylea to Eylea HD; and
- A strategic push into gene editing and next‑generation genetic medicines.
How those threads weave together over the next 12–24 months will determine whether today’s new $850–$1,057 price targets prove conservative—or optimistic.
References
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