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Regeneron widens its lead as the S&P 500's top performer after saying key COVID-19 drug may be available in the fall (REGN)

Regeneron Pharmaceuticals
  • Regeneron Pharmaceuticals on Tuesday reported solid first quarter earnings and announced its key COVID-19 drug may be available in the fall. 
  • Shares surged 7% Tuesday, advancing the company's position as the top performing S&P 500 stock this year. 
  • The drug is slated to begin human trials in June. 
  • Watch Regeneron trade live on Markets Insider.
  • Read more on Business Insider. 

Regeneron Pharmaceuticals shares surged more than 7% Tuesday, gaining on its lead as the top performing stock in the S&P 500 this year.
The pharmaceutical company on Tuesday reported first quarter 2020 results that exceeded Wall Street expectations. In addition, Regeneron announced Tuesday that it is advancing a key coronavirus antibody treatment with a goal to have "hundreds of thousands of preventative doses available by the end of August 2020."
Regeneron has surged amid the coronavirus pandemic, gaining 44% for the year through Monday's close — the best performing stock in the S&P 500 index for the period. It's beaten out other big-name companies that have benefited from the crisis, including Amazon, Clorox, and Netflix.
Read more: Renowned strategist Tom Lee recommends 12 beaten-down travel stocks to buy now for an average profit of 32% during the pandemic recovery
The pharmaceutical firm has gained as optimism grows that its experimental antibody drug will be an effective treatment for the coronavirus.
"Our novel antibody cocktail, REGN-COV2, which is specifically-designed for both prevention and treatment, is expected to begin human studies in June and we are working in parallel to have large-scale quantities available by late summer," said Leonard S. Schleifer, M.D., Ph.D., president and CEO of Regeneron, in a statement.
There are other companies that are also working to quickly develop antibody treatments for COVID-19, including AstraZeneca, Vir Technologies, and Eli Lilly & Co. Gilead Sciences is also working on a treatment for COVID-19, but its drug remdesivir is an antiviral.
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