Regeneron Pharmaceuticals Inc. saw a rally on Monday after US President Donald Trump received the biotech company’s antibody drug to treat COVID-19.
Regeneron shares closed up by 7.1%, the biggest one-day gain. The stock has given a return of 61% this year.
Like Regeneron, Eli Lilly & Co. and AbCellera Biologics Inc. are developing an antibody therapy, not only as a treatment for the Coronavirus but also as a preventative measure.
Similarly, AstraZeneca Plc, and GlaxoSmithKline Plc are testing similar therapies.
Regeneron therapy may get an emergency regulatory authorization in a “matter of days,” according to Bloomberg Researcher, Porges. “We had an emergency use already in the case of the President. It’s hard to use it in that case and not make it available to the general public,” he said in a phone call.
“Both the company and the White House’s medical staff are likely to have had access to much more information about REGN-COV2 than the company has disclosed publicly so far,” Porges said in a research note. “Given those circumstances, it seems likely that the full dataset for the treatment will be as good or better than the initial 275 patients from one trial disclosed last week.”
Source: Bloomberg
