10:00 AM EDT, 05/30/2025 (MT Newswires) -- Regeneron Pharmaceuticals ( REGN ) shares will likely trade sideways in the near term after the company and its partner Sanofi ( SNY ) announced "underwhelming" phase 3 trial data for itepekimab in chronic obstructive pulmonary disease, Truist Securities said in a note Friday.

There is "little to no clarity" regarding itepekimab's future pathway as it's not known how the trial subgroups performed, while the company's primary focus continues to be on Eylea headwinds, according to the note.

The investment firm said it's now awaiting Regeneron and Sanofi's ( SNY ) next steps. Regeneron and Sanofi ( SNY ) are expected to review the results and hold discussions with regulators, the firm said.

For the longer term, though, Truist said Regeneron has a "diverse pipeline."

Truist maintained its buy rating and $940 price target on the stock.

Regeneron's shares were falling 16.9% in early Friday trading, and Sanofi ( SNY ) shares were down 5.9%.

Price: 502.82, Change: -102.58, Percent Change: -16.94