Analyst Update: Regeneron Pharmaceuticals, Inc., Kite Pharma, Inc., and E2open, Inc.

Analysts adjusted their ratings on Regeneron Pharmaceuticals Inc (REGN), Kite Pharma Inc (KITE), and E2open Inc (EOPN)

by Josh Selway

Published on Jan 9, 2015 at 2:46 PM
Updated on Apr 20, 2015 at 5:32 PM

Analysts are weighing in today on biopharmaceutical companies Regeneron Pharmaceuticals Inc (NASDAQ:REGN) and Kite Pharma Inc (NASDAQ:KITE), as well as cloud concern E2open Inc (NASDAQ:EOPN). Here's a quick look at today's brokerage notes on REGN, KITE, and EOPN.

  • This morning, REGN and Sanofi SA (ADR) (NYSE:SNY) announced that their cholesterol drug, alirocumab, met its primary efficacy endpoints in two trials. Shortly after this news was released, Goldman Sachs bumped REGN's price target to $486 from $480 --never before seen territory -- and the security has benefited by adding 3% to trade at $415.55. Ten out of 17 covering analysts already rate the shares a "buy" or better, but the seven others maintain "hold" recommendations, and the consensus 12-month price target of $423.29 stands just 1.5% above current trading levels, meaning upgrades and/or additional price-target hikes could be coming. Regeneron Pharmaceuticals Inc may also benefit from a short-squeeze situation, should its rally continue, as over 6% of its float is sold short -- a figure that represents exactly seven days' worth of pent-up buying power, at the security's average daily pace of trading.

  • KITE's hot streak is continuing today, after Mizuho initiated coverage on the equity with a "buy" rating, pushing it over 11% higher to $78.98 -- after earlier topping out at an all-time high of $80.14. Since going public in late June, Kite Pharma Inc has more than tripled in value, and is now trading north of its consensus 12-month price target of $79.40. While good news for shareholders, this marks another bad day for the KITE shorts who have piled on recently..

  • EOPN flopped to an all-time low of $5.21 today after its worse-than-expected fourth-quarter earnings and revenue prompted negative analyst attention. Specifically, Canaccord Genuity and Benchmark both downgraded the stock to "hold" from "buy," with the former slashing its price target to $7 from $13, and the latter cutting its target to $6. Also weighing on E2open Inc -¬ which was last seen 37.46% lower at $5.51 -- is a downgrade to "market perform" from "outperform" at William Blair. The security's year-over-year decline is now nearly 78%, which should please a large portion of traders, as roughly 14.5% of EOPN's float is sold short.

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