REGN underperforms Dow Jones

What happened: Regeneron Pharmaceuticals (REGN) has underperformed the Dow Jones Industrial Average (DJIA) in recent months. As of March 2023, REGN's stock has declined by approximately 15% year-to-date, while the DJIA has increased by around 2%. Meanwhile, other healthcare stocks like Bristol-Myers Squibb (BMY) and DexCom (DXCM) have performed relatively better, with BMY's stock up by about 5% and DXCM's down by around 5% year-to-date.

Market impact: The underperformance of REGN has affected the broader healthcare sector, particularly biopharmaceutical companies. REGN's decline may be due to concerns about its pipeline, as the company faces competition in its key eye disease treatment, Eylea, and awaits FDA approval for its COVID-19 antibody treatment, Evusheld. The underperformance of REGN has also led to a valuation repricing, with its market capitalization dropping to $65 billion.

What to watch next: Investors should closely monitor REGN's upcoming catalysts, including the FDA's decision on Evusheld, expected in Q2 2023. Additionally, REGN's Q1 2023 earnings report, scheduled for late April, will provide insights into the company's financial health and pipeline progress. Lastly, keep an eye on REGN's stock price relative to its 50-day and 200-day moving averages to gauge its short-term and long-term trends.