A Regeneron executive and one of its directors sold $1 million worth of stocks two days after President Donald Trump announced he was taking their therapeutic, recent filings from the Securities and Exchange Commission reveal.



a sign on the side of a building: Regeneron Begins Human Trials Of Coronavirus Antibody Cocktail


© Michael Nagle
Regeneron Begins Human Trials Of Coronavirus Antibody Cocktail

Last Friday night, the White House announced that as part of Trump’s treatment for coronavirus, he had received Regeneron’s experimental antibody cocktail that has not passed formal trials or been approved by the Food and Drug Administration.

One day later, the president appeared in a video posted to his Twitter account about his treatment at Walter Reed National Military Medical Center.

“They gave me Regeneron,” he said, saying the company name instead of the treatment’s name, REGN-COV2. “It was like, unbelievable. I felt good immediately. I felt as good three days ago as I do now.”

At another point in the video he said that the therapeutics he was given were “miracles…we have things happening that look like they’re miracles coming down from God.”

“I think this was a blessing from God that I caught [the virus], I think it was a blessing in disguise,” Trump said in the video. “I caught it, I heard about this drug, I said, ‘Let me take it’ … and it was incredible the way it worked.”

“I call that a cure,” he said. “It’s a cure.”

After the video posted, Regeneron’s stock jumped over 3 percent in after-hours trading.

On Monday, when markets opened, Regeneron stock prices surged $33 to $598 a share. That day, Joseph Goldstein, who sits on the company’s board of directors, and SVP and Head of Commercial Marion McCourt exercised stock options that let them sell a total of 10,200 shares for a net profit of over $1 million. According to filings,

Stock markets rose Friday as news of progress on virus treatments boosted sentiment, following a bout of volatility over the prospects for a US stimulus package.

Observers said that with Democrats and Republicans about $600 billion apart in their stimulus proposals, there was little expectation a deal would be reached before the November 3 presidential election.

“Things are still up in the air when it comes to the relief package in the US,” noted David Madden, market analyst at CMC Markets UK.

He added however that “the prospect of some form of stimulus in the US is trumping the health crisis” for stock markets.

And there has been some good news regarding coronavirus treatments.

Markets cheered a write-up in the New England Journal of Medicine reporting that Gilead Sciences’ remdesivir drug resulted in “consistent, clinically meaningful improvements” in coronavirus patients, the latest positive indicator about a leading treatment.

That news follows announcements by Regeneron Pharmaceuticals and Eli Lilly earlier in the week on Covid-19 therapies that have boosted confidence in effectiveness of the treatments for the virus.

The market is “being stimulated more this week by the realization that there just might be a widespread, effective COVID treatment regimen that gets approved soon,” said Briefing.com analyst Patrick J. O’Hare.

“The gist is that, the more confidence there is in potential treatment plans, the more confidence there will be in a potential return to normal activity,” he added.

The Dow was 0.5 percent higher in late morning trading in New York, while the major European indices closed with small gains.

There is also growing expectation that Democrat Joe Biden will win the US election, with polls giving him big enough leads in battleground states that could prevent President Trump from challenging the result — a situation that would fan uncertainty.

With

FAIRFIELD — The town is one step closer to accepting an additional $300,000 for the wastewater treatment plant hardening project, which aims to make the site more resistant to coastal flooding.

The Board of Finance unanimously approved a resolution to accept a Community Development Block Grant-Disaster Recovery at a recent meeting.

Town officials reached out to the state — which administers the grant for the federal government — to request more funding after contaminants were found at the plant during construction on the project, said Brian Carey, the acting director of the Public Works Department.

“The state was able to come up with additional funding for us in the amount of $300,000,” Carey said. “So, we’re just back in front of the Board of Selectmen and Board of Finance at this time to get the agreement signed so that we can acquire that (funding).”

In February, First Selectwoman Brenda Kupchick said the project would cost a total of $7.4 million but $3.33 million would be funded through a grant from the United States Department of Housing and Urban Development.


Carey said workers noticed oily water coming in from one of the excavations about six weeks into the work, which started in March and April. The water was tested and showed petroleum and PCBs.

“We actually ended up having to do soil testing, and the extent of that has just grown over time as we’ve discovered that there’s PCBs pretty much throughout the northeast corner of the site and, then, sporadically through the rest of the site,” Carey said, who has previously stated the contaminants are unrelated to the fill pile scandal.

The town is working with its licensed environmental professional, Tighe and Bond, as well as with the Connecticut Department of Energy and Environmental Protection and U.S. Environmental Protection Agency

Welcome to Thursday’s Overnight Health Care.



Donald Trump wearing a suit and tie: Overnight Health Care: Regeneron asks for emergency authorization of coronavirus treatment Trump received | McConnell says he hasn't visited White House in two months due to coronavirus | Employer-sponsored health insurance premiums rise 4 percent


© Getty Images
Overnight Health Care: Regeneron asks for emergency authorization of coronavirus treatment Trump received | McConnell says he hasn’t visited White House in two months due to coronavirus | Employer-sponsored health insurance premiums rise 4 percent

Regeneron filed for emergency authorization of its antibody COVID-19 treatment drug, just hours after President Trump claimed it basically cured him. Mitch McConnell hasn’t been to the White House in months, and a new analysis shows Americans’ job-based health care is continually getting more expensive.

We’ll start with Regeneron:

Regeneron asks for emergency authorization of coronavirus treatment Trump received

Biotech company Regeneron late Wednesday applied for emergency authorization for an experimental antibody treatment praised by President Trump.

“Subsequent to our discussions with regulatory authorities, we have submitted a request to the U.S. Food and Drug Administration for an Emergency Use Authorization (EUA) for our REGN-COV2 investigational antibody combination for COVID-19,” the company said in a news release.

The move came just hours after the president praised the efficacy of the treatment in a short video message posted on Twitter.

“They gave me Regeneron, it’s called Regeneron,” Trump said in the five-minute video Wednesday afternoon. “It was unbelievable. I felt good immediately. I felt as good three days ago as I do now.”

Why it matters: Trump was taking several drugs for his illness, so it’s not clear which helped him feel better. He claimed he has the “emergency use authorization all set,” but the FDA is supposed to make decisions based on science and not demands from the president. Regeneron’s drug is still undergoing clinical trials, and while early results seem promising, the company has not released data to back up its claims.

Read more here.

McConnell says he hasn’t visited White

Shares of Regeneron  (REGN) – Get Report continue to bubble higher for the bulls. The stock was rising 2% on Thursday, but for the week it’s up 7.5%.

The boost is coming after President Trump took Regeneron’s Covid-19 cocktail in an effort to combat the coronavirus. His quick return to the White House and positive commentary on Regeneron isn’t hurting either.

Now the company is going for emergency approval from the Food and Drug Administration.

The stock has been on fire in 2020, although not so much over the last few months. When the rest of the market started to tank in late February, Regeneron shares began to rally.

Shares are still up about 60% on the year, despite pulling back 18.75% from peak to trough earlier this summer. 

Can the stock get back its mojo and continue higher from here? Let’s look at the charts.

Trading Regeneron Stock

Weekly chart of Regeneron stock.

Weekly chart of Regeneron stock.

Just look at how strong this stock has been, surging from the 2019 lows near $275 to highs north of $650 in 2020. The rally has been tremendous and it only makes sense that Regeneron stock eventually cooled off.

Remember, consolidation phases are healthy price action.

Over the last month, Regeneron hammered out a solid bottom near the $540 to $550 area. During that time, the 10-week moving average was acting as resistance.

With this week’s action though, the stock has reclaimed the 10-week moving average and so far the stock is holding it as support.

From here, bulls need to see shares maintain above the $575 area and the 10-week moving average. If it can do so, it increases the odds that Regeneron stock can take out this week’s high near $620 and make another run toward the $650