Baird analyst Brian Skorney downgraded Regeneron Pharmaceuticals (REGN) to Neutral from Outperform with an unchanged price target of $410. The stock closed Tuesday up 4% to $442.35. 

The analyst appreciates the "tailwind granted by safety concerns" related to Eylea competitor, Novartis' (NVS) Beovu, he notes the shares are up 50% since his August 2019 upgrade. While the fall of Beovu certainly near-term pressure on Eylea market share, this has now been accounted for in the share price, Skorney tells investors in a research note.

Skorney adds that while Dupixent and Regeneron's pipeline "continue to look good," he prefers to take a "wait and see approach."