05:27 PM EDT, 09/23/2024 (MT Newswires) -- Regeneron (REGN) boasts an "underappreciated" pipeline of prospective drug candidates helping soothe Monday's legal decision rejecting its effort to keep Amgen's ( AMGN ) Eylea biosimilar retina medication off the market, analysts at Truist Securities said in note Monday.

Citing the company, the Truist analysts said there are at least six Eylea biosimilars cleared by regulators for the US market, although until now Regeneron has successfully fended off their sales. In a worst-case scenario, the judge's decision only slightly moves up the timetable for those would-be competitors. The patent underlying Eylea is already set to expire in June 2027.

Regeneron management is evaluating options, Truist said, adding Amgen ( AMGN ) has not yet decided when it will introduce Pavblu. The US Food and Drug Administration approval the drug in August.

Investor response to a federal judge rejecting the injunction and nearly 5% slide was an overreaction, Truist analysts said.

They maintained buy stock recommendation and $1,200 price target for Regeneron.

Price: 1,089.00, Change: -2.98, Percent Change: -0.27