Regeneron stock skyrocketed Thursday on news that an 8-milligram dose of an eye drug successfully treated patients with diabetic macular edema and wet age-related macular degeneration in two pivotal trials.
Regeneron Pharmaceuticals announced that the studies showed that 8-mg 12- and 16-week dosing regimens of the generic form of its Eylea drug, called aflibercept, "achieved non-inferiority in vision gains compared to the Eylea 8-week dosing regimen." The longer regimen involves less frequent injections that go directly into the eye.
Regeneron stock soared 18.9% to close at 708.85 in huge volume on the stock market today.
"These groundbreaking results are excellent news for patients. These outcomes have shown that aflibercept 8 mg not only improved vision with less frequent injections, but also demonstrated a similar safety profile to Eylea," said Dr. Jean-François Korobelnik, a trial investigator and head of the Department of Ophthalmology at University Hospital of Bordeaux, France. Korobelnik's quote came from a company press release.
Regeneron Stock: Scaling The 50-Day Average
Another trial investigator, Dr. David Brown, director of research at Retina Consultants of Texas, also said in the release: "Nearly 90% of patients with diabetic macular edema and almost 80% of patients with wet age-related macular degeneration were able to maintain a 16-week dosing regimen,"
"These unprecedented durability data coupled with a safety profile consistent with that of Eylea support aflibercept 8 mg as a potential new standard-of-care in these diseases," Brown went on to say.
Last month, the company had reported better-than-expected Eylea sales, which gave a lift to Regeneron stock.
Aflibercept, under the name Eylea, has been approved to treat various retinal diseases. It generated $5.8 billion in sales last year.
Regeneron stock shot above the 50-day moving average for the first time since late August. The powerful move also hoisted REGN stock above the 200-day line for the first time since mid-August.
