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New Stock Coverage: Use (Don't Lose) Your Head in Regeneron

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Wall Street ratings agencies set the tone for today's stock market.

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Regeneron Pharmaceuticals (NASDAQ:REGN), today's headline initiation, hails from the village of Tarrytown. That was where Washington Irving lived out his last years while writing "The Legend of Sleepy Hollow." Headless horseman? The stock has been head and shoulders above all others, being the single best performer on Wall Street since markets bottomed in March 2009. Analysts and investors alike are impressed with its Eylea eye medicine to treat macular degeneration. A rheumatoid arthritis partnership with Sanofi (NYSE:SNY) also offers potential promise for Regeneron, although, as with any volatile momentum name, widows and orphans may want to look elsewhere.
 
Yesterday it looked like Nasdaq (INDEXNASDAQ:.IXIC), spending big bucks on sprucing up its headquarters, would be but the latest company for which fancy architecture is the kiss of death. That may yet prove to be the case, but an early swoon that had the tech-heavy bourse trading thisclose to correction territory was erased in the afternoon. The Dow (INDEXDJX:.DJI) also recovered from an early wobble to end up for a second straight session. Charles Schwab (NYSE:SCHW), up 3.20%, fared especially well amid evidence its retail investors are flocking back to equities. (Cynics will regard Mom and Pop returning to stocks as even more of a contrary indicator than the architecture curse.) Alas, it was a difficult day for Leonardos. Mr. DiCaprio was mercilessly mocked for both his acting ability and expanding waistline. (For what it's worth, diet drug darling Vivus (NASDAQ:VVUS) joined the thespian in Fat City with its 3.08% advance.) And the da Vinci robots of Intuitive Surgical (NASDAQ:ISRG) proved all too human, ending off another 1.86% after imploding for an eighth straight session.
 
Today in economics, the Fed releases its Beige Book detailing regional financial conditions in a dozen districts at 2:00 p.m. EDT. On the corporate front, expect earnings announcements out of American Express (NYSE:AXP), Bank of America (NYSE:BAC), Burberry (OTCMKTS:BURBY), Google (NASDAQ:GOOG), and International Business Machines (NYSE:IBM).
 
Now let's turn to this morning's new stock coverage, a list that includes tech and energy names in addition to Regeneron.
 
Allergan (NYSE:AGN): The Botox owner initiated with a Buy at Sterne Agee.
 
A10 Networks (NYSE:ATEN): Shares rate only an Equal Weight at Morgan Stanley, but RBC Capital (Outperform and $19 price objective) is more upbeat.
 
Centene (NYSE:CNC): UBS has a new Neutral on the stock.
 
ImmunoGen (NASDAQ:IMGN): The company is covered with a Buy at Canaccord Genuity, whose target price is $20.
 
Laredo Petroleum (NYSE:LPI): Robert W. Baird launches Outperform-rated research amid an attractive valuation and improving efficiencies.
 
MediWound (NASDAQ:MDWD): Shares are initiated with an Outperform at Oppenheimer.
 
Nimble Storage (NYSE:NMBL): Raymond James follows the tech name at Market Perform.
 
Regeneron Pharmaceuticals: Canaccord Genuity covers the company with a bullish Buy. Its price objective is $350.
 
Sibanye Gold (SBGL): Shares are assigned an Outperform at Imperial Capital, whose price target is $14.

Also see:

Stock Upgrades: Twitter Has No Reason to Be Blue

Stock Downgrades: Searching for Balance, Intel Has a Chip on Each Shoulder
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No positions in stocks mentioned.
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