CNBC’s Jim Cramer on Thursday advised investors not to buy shares of Regeneron Pharmaceuticals, simply because President Donald Trump has touted the company’s potential treatment for coronavirus
Regeneron stock was up 2% on Thursday In a video released Wednesday, Trump claimed that Regeneron’s experimental antibody treatment for Covid-19, which the president received for his illness, was « a cure « Â
« Please don’t buy Regeneron today, » Cramer said on « Squawk on the Street, » lowering expectations about the effectiveness of antibody therapy and the potential increase in it. would bring to the profits of the company « Maybe you want to think more about Regeneron because it has good science That’s good, » he added
Cramer has long been a fan of Regeneron, recommending investors buy it when it was around $ 5 a share It closed Wednesday’s session at $ 59169, an increase of nearly 5% since as Trump revealed his Covid-19 diagnosis in the wee hours of last Friday Dr. Regeneron Len Schleifer was the first CEO to appear on Cramer’s « Mad Money » show in 2005
« This is really Dupixent. It is [Regeneron’s] drug which is for all kinds of different diseases involving inflammation which is much more important to owning the stock, » Cramer said
Although Trump has proclaimed the antibody drug « a cure » for Covid-19, there is still only the first data available on its potential effectiveness as a treatment.Moreover, Trump has received other treatments for coronavirus, such as the antiviral remdesivir from Gilead Sciences, so it is difficult to determine the impact of a single drug when not received in a randomized clinical trialÂ
« I feel like the president has created a false expectation, although it’s pretty good, » Cramer said
Trump received cocktail of antibodies for his Covid-19 case on the basis of compassionate use But on Wednesday Regeneron announced it had requested emergency use authorization from the Food and Drug Administration The Tarrytown, New York-based company said in a statement that the US government is committed to making the doses of the antibody cocktail « available free to the American people » if its EUA application is approved.
Cramer said this is key information investors should remember when considering buying the stock on Thursday, even though he thinks « Regeneron is a big company » Â
“They made money They got paid by the government,” Cramer said, “[But] it’s not like they suddenly make Humira, the best-selling drug of all time, or that they didn’t make Keytruda «
Humira by AbbVie is used to treat conditions such as rheumatoid arthritis, plaque psoriasis, and Crohn’s disease Keytruda, made by Merck, is an immunotherapy medicine used to help fight certain cancers
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World News – United States – Cramer: Don’t Buy Regeneron Shares Just Because Trump Says His Cocktail Of Coronavirus Antibodies Work
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