Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) recently reported that it has received expanded emergency use authorization for REGEN-COV. It occupies a unique position in the fight against COVID-19 and also demonstrates the potential of the Regeneron platform.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
Sponsored
REGEN-COV is a combination of monoclonal antibodies that is effective in the prevention of COVID-19. This medicine can prevent the serious consequences and deadly complications caused by the Coronavirus. It is intended for patients who are not vaccinated or have weak immune responses to vaccines. Therefore, REGEN-COV has a huge market, and in the second quarter, the drug brought $2.76 billion in revenues – more than half of the overall revenue for REGN.
The effectiveness of REGEN-COV is limited in patients who have already developed severe complications and are on ventilation. REGEN-COV’s preventive properties also make it possible to organize sustainable sales for patients who, for whatever reason, are not protected by vaccines. Regeneron Pharmaceuticals Inc. (REGN) can gain access to this market with FDA approval.
The REGEN-COV success demonstrates the great potential of the Regeneron Monoclonal Antibody Platform and raises expectations for future developments. In addition to REGEN-COV, Regeneron Pharmaceuticals Inc. (REGN) has eight other clinical trial candidates.
REGN stock rose 0.61 percent on Monday, closing at $628.60. The volume of shares traded was 0.85 million, more above the average volume of 734.60K during the previous three months. The price fluctuated between $615.06 and $630.00 throughout the trading session.
REGN’s stock has risen 2.39 percent in the last five trading days and 7.78 percent in the last month but has gained 30.12 percent year to date. The 50-day moving average for the company is $569.41, which is higher than the 200-day moving average of $516.54. Furthermore, the stock now has an RSI of 72.58.
