Jefferies Maintains Buy on Sanofi (SNY) Despite Regulatory Overhang

Sanofi (NASDAQ:SNY) is among the ridiculously cheap stocks to buy now. On December 28, Jefferies reiterated its ‘Buy’ rating on Sanofi (NASDAQ:SNY) with an unchanged price target of €100. This reaffirmation comes despite worries about the FDA’s Complete Response Letter (CRL) for tolebrutinib, which the firm believes raises “tough questions about management communication.” The firm believes these concerns will continue to negatively impact market sentiment toward the company.

Earlier, on December 23, Sanofi (NASDAQ:SNY) announced the approval of its Wayrilz (rilzabrutinib) treatment from the European Commission. This approval of a novel Bruton’s tyrosine kinase (BTK) inhibitor to address immune thrombocytopenia (ITP) is based on the pivotal LUNA 3 phase 3 study, in which Wayrilz achieved both the primary and secondary endpoints. This outlined a favorable impact on sustained platelet counts, along with other ITP symptoms.

The study demonstrated that Wayrilz patients experienced a faster time to first platelet response, at 36 days, in contrast to the placebo arm, where this endpoint was not met. Not only that, but the patients also maintained a platelet response for a longer duration relative to the placebo, with a difference of 6.3 weeks.

As stated by Brian Foard, Executive Vice President, Head of Specialty Care at Sanofi (NASDAQ:SNY),

“Wayrilz has a differentiated mechanism of action, enabling multi-immune modulation to address the underlying pathology of ITP, allowing patients to benefit from an advanced treatment to help manage their disease.”

Sanofi (NASDAQ:SNY), founded in 1994, is a French pharmaceutical company. The company delivers medicines and vaccines for immunology and inflammation, oncology, and other indications.

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Disclosure: None.