- RegeneronPharmaceuticals on Tuesday reported solid first quarter earnings and announced its key COVID-19 drug may be available in the fall.
- Shares surged 7% Tuesday, advancing the company’s position as the top performing S&P 500 stock this year.
- The drug is slated to begin human trials in June.
- Watch Regeneron trade live on Markets Insider.
- Read more on Business Insider.
RegeneronPharmaceuticals shares surged more than 7% Tuesday, gaining on its lead as the top performing stock in the S&P 500 this year.
The pharmaceutical company on Tuesday reported first quarter 2020 results that exceeded Wall Street expectations. In addition,Regeneron announced Tuesday that it is advancing a key coronavirus antibody treatment with a goal to have “hundreds of thousands of preventative doses available by the end of August 2020.”
Regeneron has surged amid the coronavirus pandemic, gaining 44% for the year through Monday’s close – the best performing stock in the S&P 500 index for the period. It’s beaten out other big-name companies that have benefited from the crisis, including Amazon,Clorox, and Netflix.
The pharmaceutical firm has gained as optimism grows that its experimental antibody drug will be an effective treatment for the coronavirus.
“Our novel antibody cocktail, REGN-COV2, which is specifically-designed for both prevention and treatment, is expected to begin human studies in June and we are working in parallel to have large-scale quantities available by late summer,” said Leonard S. Schleifer, M.D., Ph.D., president and CEO of Regeneron, in a statement.
There are other companies that are also working to quickly develop antibody treatments for COVID-19, including AstraZeneca,Vir Technologies, and Eli Lilly & Co. Gilead Sciences is also working on a treatment for COVID-19, but its drug remdesivir is an antiviral.
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