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Regeneron ‘s Dupixent drug could serve as the next big catalyst for shares of the pharmaceutical company, according to Jefferies. Analyst Akash Tewari upgraded the company to buy from hold, saying that using the drug to treat chronic obstructive pulmonary disease could create a $4 billion opportunity for Regeneron. He also upped his peak sales estimate to $19.2 billion for the drug. “Despite the macro environment, REGN’s hit two home runs within a short period of time,” Tewari wrote in a Friday note to clients, citing promising data released Thursday and its Eylea drug used to treat age-related macular degeneration. REGN YTD mountain Regeneron shares so far this year A study released Thursday indicated that Dupixent, created with Sanofi, showed promise as a treatment for patients with COPD. The condition affects more than 15 million adults in the U.S., according to the Centers for Disease Control and Prevention. Broken down, the data showed Dupixent reduced some moderate or severe acute exacerbations of COPD by 30%, compared with a placebo over a 52-week period. Tewari also views Eylea as another upside driver for shares as Wall Street gains more clarity on the drug. Along with the upgrade, Tewari lifted Jefferies’ price target to $925 from $675 a share, reflecting 15% upside from Thursday’s close. Shares of Regeneron have been on a tear in 2023, up 11% after gaining 14% during 2022’s market rout. — CNBC’s Michael Bloom contributed reporting
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