Belpointe opens $1.74mn stake in Regeneron as biotech rides earnings beat
Belpointe Asset Management has opened a new position in Regeneron Pharmaceuticals worth approximately $1.74mn, according to the latest quarterly regulatory filing from the Reno-based investment manager, in the latest sign of renewed institutional interest in the US biotech group.
The firm purchased 2,248 shares of the Tarrytown, New York-headquartered company during the fourth quarter of 2025, based on its Form 13F filing with the Securities and Exchange Commission. The disclosure adds Belpointe to a list of institutional investors adjusting their exposure to the company, with Brighton Jones lifting its Regeneron stake by 261.8 per cent over the same period, and Dynamic Technology Lab Private opening a new position.
The buying comes after a stronger-than-expected set of fourth-quarter results from Regeneron in late January. The company reported earnings of $11.44 per share, ahead of the $10.74 consensus estimate, and revenue of $3.88bn, topping expectations of $3.76bn. Alongside the results, Regeneron raised its quarterly dividend to $0.94, taking the annualised payout to $3.76 — a move that underscores management's continued focus on returning capital to shareholders.
Sentiment on the sell side has turned more constructive. Regeneron carries a consensus rating of "Moderate Buy" according to MarketBeat, with an average price target of $811.96. JPMorgan and Guggenheim have both lifted their targets — to $950 and $975 respectively — reflecting greater conviction in the group's near-term commercial trajectory.
Regeneron has been navigating a significant transition in its ophthalmology franchise, with higher-dose EYLEA HD supplanting the legacy EYLEA product in the face of looming biosimilar competition. Away from ophthalmology, the group continues to lean on Dupixent, the immunology blockbuster marketed with Sanofi, and is preparing for an expected FDA decision on the EYLEA HD pre-filled syringe in the second quarter. In January, Regeneron also announced a collaboration with Tessera Therapeutics to develop in vivo gene therapies, signalling an intent to diversify into next-generation modalities.
Belpointe manages roughly $2.8bn in assets across a portfolio of more than 1,000 positions, anchored by large-cap technology and index exposures. Regeneron represents a relatively small component of the book, but the initiation of a fresh stake — after the firm had trimmed its exposure to the name repeatedly through 2024 and 2025 — is the more telling signal of changing institutional sentiment.