Cowen's Phil Nadeau says that its latest physician survey
suggests sales of Regeneron's (REGN 8.9%
) big revenue driver, Eylea, may be slowing. Measuring the uptake of the company's treatment for a leading cause of blindness in the elderly, the number of patients on the drug grew 22% from March to May, compared to 155% growth from January to March. Based on this level of deceleration, Cowen thinks the stock may be rich at these levels.