The next entry in the theme of Corona Virus stocks is Regeneron Pharmaceuticals Inc. Regeneron is a Nasdaq-100 component, and has been one of the blue chips of Biotech for some time. However, the outbreak has really given Regeneron the boost it needs to break out and continue its long term trend. It remains very technical as with all other stocks that we cover. So lets take a look at what they do as a company:
“Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents life-transforming medicines for people with serious diseases. Founded and led for over 30 years by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to seven FDA-approved treatments and numerous product candidates in development, all of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye disease, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, infectious diseases, pain and rare diseases.”
Regeneron Monthly Elliott Wave
In the long term view from 12/01/1994 lows of 3.00. Blue (I) was set at 24.88, and Blue (II) in a flat structure at at 5.60 in April 2005. After that, Regeneron has proposed to have set Red III of Blue (IV) at 605.93 in August 2015. After that, Red IV is proposed ended at 271.37 in September of 2019. Therefore, it is favoured that REGN is advancing in Red V of Blue (III). There is a long term trend at play here, with more upside favoured to take place.
Regeneron Daily Elliott Wave View
From the Red IV Low, REGN is favoured to be triple nesting. However, if Blue (2) low 507.69 gets invalidated, then a larger flat for blue (2) will be favoured instead of a nesting Red 2. While above 424.01, more upside is favoured to take place into the blue box extreme.