Pharma and Insurance Stocks Hit New Highs With Earnings Beats and Analysts Upgrade!

1. Pharma stocks $Regeneron Pharmaceuticals(REGN)$ and $Vertex Pharmaceuticals(VRTX)$ hit new high of $853.97 and $374.45 respectively.

• $Regeneron Pharmaceuticals(REGN)$ three core value drivers are its eye disease drug Eylea (now available in a high-dose form), immunology drug Dupixent, and anti-cancer therapy Libtayo. FDA approved its high-dose Eylea in August.

• $Vertex Pharmaceuticals(VRTX)$ is striving to develop treatments for APOL1-mediated kidney disease, non-opioid pain medications, rare blood disorders, and diabetes.

2. Insurance stocks $Arch Capital(ACGL)$ and $Progressive(PGR)$ hit new high of $86.4 and $158.17 respectively.

$Progressive(PGR)$ missed earnings estimates for the third quarter Friday, but net premiums jumped.

• EPS: $1.64, slightly missing consensus for $1.72.

• Net premiums earned: $14.89 bln, surpassing the estimates of $14.77bln

Following the Q3 report, Piper Sandler analyst Paul Newsome upgraded Progressive stock to buy from neutral with a Street-high price target of $186, up from $133.

$Arch Capital(ACGL)$ offers property and casualty, specialty, mortgage and reinsurance to customers. It’s scheduled to release earnings on 31st October.

• Last week, Barclays raised its price target to 96 from 92 and maintained its overweight rating.

• Morgan Stanley lifted its price target to 100 from 98 and kept it overweight rating.