Citi analyst Robyn Karnauskas downgraded Regeneron Pharmaceuticals (REGN) to Neutral and cut her price target for the shares to $380 from $480. The biotechnology company closed yesterday up 1% to $361.86. The analyst believes the competitive threat from Novartis’ (NVS) vision-loss drug RTH258 is being underappreciated by the market. It is hard to believe that RTH258 would not have a price impact, at minimum, on Regeneron’s Eylea, Karnauskas tells investors in a research note. The analyst points out that her dermatologist survey came back bullish for Regeneron’s Dupixent. While she expects the drug to beat expectations for 2018, the analyst feels this won’t be enough to offset the overhang on shares from Eylea competition.