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Regeneron noted that the initial dose of its COVID-19 drug will be released through a federal government allocation program to approximately 300,000 patients across the country.
Regeneron Pharmaceuticals Inc (NASDAQ: REGN) stock has jumped 4.67% during Monday’s pre-market to trade around $542.97. REGN stocks closed Friday trading at $518.74, after adding 0.74%. The spike during Monday’s pre-market is attributed to news that Regeneron Pharmaceuticals’ COVID-19 drug has been approved for emergency use by the Food and Drug Administration (FDA).
Apparently, being the second drug to be approved for emergency use cases, it was used to treat outgoing President Donald Trump after he contracted the virus a month ago.
Regeneron (REGN) stock has had a mixed performance in the past one year. Whereby they are up approximately 41.42% and 38.15% in the past one year and year to date respectively. However, they have dropped approximately 12.78%, 11.44%, and 7.25% in the past three months, one month and five days respectively.
The company has a market valuation of $55.35 billion with 104.54 million outstanding shares. Notably, Regeneron shares have ranged between $328.13 and $664.64 in the past 52 weeks. Having been rated 26 times, Regeneron shares have received an average of Over rating. This is an indication Regeneron stocks are poised to benefit from the piling fundamentals in the near future.
Regeneron and COVID-19 Drug
Being a pharmaceutical company that is working to develop a drug for the deadly coronavirus, investors remain optimistic about the company’s future prospects. The United States remains on top of countries with the highest number of coronavirus cases. Whereby, according to metrics provided by worldometers.info, the United States has 12,589,088 confirmed coronavirus cases as of November 23. Notably, the country has reported 262,701 fatalities and 7,452,616 recovered cases.
With the numbers projecting a new level of a spike in the next few months, it was prudent for the relevant authorities to approve an emergency drug.
The experimental drug from Regeneron is administered as a one-time treatment through IV. Notably, the Food and Drug Administration approved the drug for children above 12 year old with at least 88 pounds. In addition, the drug will be available for all adults.
The approval is anticipated to slow down the death rate by helping seriously sick patients around the country recover at a fast rate. Regeneron noted that the initial dose will be released through a federal government allocation program to approximately 300,000 patients across the country. Although the identified patients will not pay for the drug, they will have to cover the cost of administering the IV.