Regeneron Pharmaceuticals (REGN stock) price showed a breakout above the trendline and a round spot of $750 in the last session. Moreover, it surpassed the significant moving averages and showed massive buying with a gap-up opening due to the positive reflection from the Q2 earnings results. The results were above the estimates, total revenues increased by 6.64% to $3.16 Billion (YoY). However, the net income fell by 15.99% to $817.80 Million.
The price action shows that the price has shown a breakout of the falling channel and gave bullish indications. Moreover, the technical parameters suggest a rise toward $800 based on the massive long buildup activity in the last session. Furthermore, the shorts were trapped, and the short-covering rally will exceed if the price is above $765 in the following sessions.
The chart suggests that REGN stock has corrected from the highs of $840 in the past weeks and retested the demand zone of $700. Afterward, buyers accumulated the price, and trend reversal indications were witnessed on the charts.
Regeneron Pharmaceuticals discovers, develops, and commercializes products that fight eye disease, cardiovascular disease, cancer, and inflammation. The company has several marketed products, including Eylea, approved for wet age-related macular degeneration and other eye diseases; Praluent for LDL cholesterol lowering; Dupixent in atopic dermatitis, asthma, and nasal polyposis; Libtayo in cutaneous squamous cell carcinoma; and Kevzara in rheumatoid arthritis.
Regeneron also develops monoclonal antibodies with Sanofi in immunology and cancer and bispecific antibodies and antibody cocktails with other collaborators independently.
At press time, REGN stock price is trading at $771.45 with an intraday gain of 5.37% showing bullishness on the charts. Moreover, the trading volume increased by 3.25% to 1.069 Million, and the market cap is $84.622 Billion.
Analysts maintained a buy and overweight rating with a yearly target price of $871.14, suggesting a growth outlook.
REGN Stock Price Action On Daily Charts
On the daily charts, REGN stock price showed a breakout of the falling channel and surpassed the hurdle of $750 decisively. Moreover, the price escaped the upper bollinger band and showed bullish indications. As per the Fib levels, REGN stock price was trading near 61.8% but was unable to sustain there and was rejected near $780. However, the price is trading above the key moving averages showing a positive outlook.
REGN Stock Technical Indicators On Short Term Charts
On the 4-hour charts, REGN stock price shows bullish indications, and the leading indicators suggest a rise in the upcoming sessions.
The RSI curve stayed in the overbought zone forming a positive crossover indicating bullishness on the charts.
The MACD indicator showed a bullish crossover, and the green bars on the histogram reflected the buyers’ strength.
Conclusion
Regeneron Pharmaceuticals (REGN stock) price escaped the trendline and showed a breakout on the charts. Moreover, the price action shows that buyers are gaining traction and suggesting a rise toward $800 in the upcoming sessions.
Technical Levels:
Support Levels: $750
Resistance Levels:$800
Disclaimer
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Source: https://www.thecoinrepublic.com/2023/08/04/regn-stock-nasdaqregn-surpasses-hurdle-will-it-catch-800/