New York-based Regeneron Pharmaceuticals Inc stock Crashes

New York-based Regeneron Pharmaceuticals Inc. slipped 1.15% to $510.27 Wednesday. This proved to be an all-around grim trading session for the Stock market, with the S&P 500 Index SPX falling 0.29% to 4,115.68 and Dow Jones Industrial Average DJIA falling 0.48% to 33,896.04. This was the stock’s second consecutive day of losses.

Regeneron Pharmaceuticals Inc. closed $154.37 short of its 52-week high ($664.64), which the company achieved on July 20th. The stock demonstrated a mixed performance when compared to some of its competitors Wednesday, as Johnson & Johnson JNJ fell 0.22% to $170.08, Novartis AG ADR NVS fell 1.17% to $87.66, and Amgen Inc. AMGN fell 0.89% to $248.63. Trading volume (587,353) remained 256,543 below its 50-day average volume of 843,896

The stock has largely been in focus since last year amid the development of REGEN-COV, its Covid-19 antibody cocktail. While the treatment has already secured the U.S. FDA EUA nod for treatment of mild-to-moderate Covid-19. The company is focusing on extended use of the treatment based on its new findings from phase 3 trials, stating that a single shot of REGEN-COV can prevent symptomatic Covid-19 among people exposed to the virus.

Regeneron Pharmaceuticals quarter 4 total revenue of $2.4 billion was up 30% y-o-y, driven by higher Eylea, a treatment for macular degeneration, and eczema drug Dupixent sales. The non-GAAP earnings of $9.53 per share were up 27% y-o-y, and well above the consensus estimates of $8.39.