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A Bright Spot in Blemished Biotech

The stock popped in morning market action, lifted 2.7% to $415.42 a share by estimate-beating results. The launch of its new eczema drug Dupixent helped to fuel the revenue beat. On the bottom line, Leerink’s Geoffrey Porges says there was a “surprise in operating efficiency.”

Up 2.4% today to $414.19 a share, Regeneron’s stock was on fire for much of 2017, rising to a 52-week high $543.55 a share in late June on the success of the Dupixent launch. In fact, it was one of the reasons why my colleague Ben Levisohn recommended the stock in a May 6 Trader column. But since hitting that summit, the drug maker’s stock price has fallen pretty steadily amid worries about competition facing its flagship eye treatment Eylea, as well as the progress by other drug makers developing a rival to Dupixent.

Late last month, biotech suffered a selloff after a string of companies, including Amgen (AMGN), Biogen (BIIB), Celgene (CELG), and Gilead Sciences (GILD), all offering disappointments of one kind or another. And Barron’s called it a buying opportunity, a good call in my opinion.

The IBB hasn’t quite made the turn yet. The shares are inching 0.2% lower today, continuing a month-long 8% decline.


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