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Regeneron Pharmaceuticals (NASDAQ:REGN) stock is taking off on Monday following news that its treatment for the novel coronavirus was used on President Donald Trump.
Regeneron Pharmaceuticals is working on an antibody treatment for the coronavirus that has yet to get approval from the U.S. Food and Drug Administration (FDA). The treatment was used on President Trump, who tested positive for the virus last week.
Even though the treatment doesn’t have FDA approval, that could change in the near future. Analysts are predicting it will receive emergency use authorization from the FDA in the coming days to treat patients suffering from the virus. That would be a massive boost to Regeneron Pharmaceuticals stock, reports MarketsInsider.
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President Trump is already planning to leave the hospital and return to the White House after receiving the treatment. Currently, he’s set to return at 6:30 p.m. today. The President will continue to receive treatment at the White House’s medical suite. He only spent three nights in the hospital.
In a Tweet sent out today, President Trump told Twitter users “Don’t be afraid of Covid. Don’t let it dominate your life.”
George D. Yancopoulos, M.D., Ph.D., president and Chief Scientific Officer of Regeneron, said the following about its treatment last week.
“After months of incredibly hard work by our talented team, we are extremely gratified to see that Regeneron’s antibody cocktail REGN-COV2 rapidly reduced viral load and associated symptoms in infected COVID-19 patients.”
REGN stock was up 7.7% as of Monday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.