Biotech Stock Sitting Out Today's Rally

While the rest of the market is making moves higher today, Regeneron Pharmaceuticals Inc (NASDAQ:REGN) is static, last seen off 0.1% at $735.31. Evercore downgraded REGN to "in-line" from "outperform" today, not even one trading day removed from Cantor Fitzgerald lowering its full-year 2022 profits and sales estimates on Friday. The biotech drugmaker will report earnings before the open on Nov. 3. 

On Friday, REGN surged to its highest level on record, hitting $761.04 before plummeting to a loss by the close. The stock boasts a 15.8% year-to-date lead though, and since a Sept. 8 bull gap, has relied on support from its ascending 20-day moving average.

Overall analyst sentiment shows a mixed brokerage bunch. Of the 19 in coverage, 11 say "buy" or better, while eight say "hold" or worse. Meanwhile, the 12-month consensus price target of $759.65 is a slim 3.6% premium to current levels.

Options traders, meanwhile, have taken a more bearish stance. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), REGN sports a 50-day put/call volume ratio of 1.02, which sits in the 94th percentile of its annual range. In other words, long puts have rarely been more popular.