Regeneron reports Tuesday with short interest edging lower and analysts raising price targets. Put-call ratio signals moderating hedging demand versus recent weeks.
Short interest in REGN stood at 2.48 million shares as of April 23, representing 2.46% of the free float. The position declined 2.2% over the past week and ticked down 0.08% day-over-day. Days to cover sits at 4.36 based on recent volume. Cost to borrow rose 21% over the week to 0.56%, though utilisation remains low at 0.16% — well below the 52-week high of 1.68%. Ample shares remain available for shorting.
The put-call ratio closed at 0.93 on April 24, below its 20-day mean of 0.98 and registering a z-score of –1.03. The ratio has drifted down from a 52-week high of 1.08 hit mid-April, now sitting in the lower third of its annual range. The pullback suggests hedging activity has cooled heading into the print.
Analyst coverage remains active. TD Cowen raised its target to $960 from $880 on April 23 while maintaining a Buy rating. The same day Cantor Fitzgerald reiterated Overweight with an $800 target. Earlier in April, Morgan Stanley lifted its Equal-Weight target to $796 from $769, and Bernstein trimmed its Outperform target to $921 from $925. The average analyst target stands at $878, implying 17% upside from the current $752 close. Recent initiations include Barclays starting coverage at Overweight with a $923 target on March 6 and JP Morgan raising to $950 in early February. Bulls cite Dupixent's 32% year-over-year revenue growth in Q4 2025, reaching $4.94 billion, and Eylea HD's projected climb from $1.6 billion in 2025 to $2.8 billion by 2028. Bears note original Eylea sales fell 52% year-over-year in Q4 2025 due to biosimilar pressure and the HD transition.
The stock trades at a P/E of 16.1, up 0.04 points over the past month, and a P/B of 2.20, up 0.02 over 30 days. EV/EBITDA sits at 11.5, up 0.70 over the month. The company ranks in the 66th percentile on EPS momentum over 30 days and the 59th over 90 days. Analyst recommendation differential scores in the 99th percentile, reflecting strong Wall Street support.
Insiders sold a net $1.15 million over the past 90 days, driven by small director sales in early April. Top institutional holders Vanguard and BlackRock added 215,000 and 19,000 shares respectively in Q1. T. Rowe Price increased its stake by 1.14 million shares, now holding 1.95 million.
Regeneron's last earnings event was January 30, 2026. Prior prints occurred in early February and late January. The stock has climbed 1.3% over the past month but dipped 1.9% on April 24.
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