Sanofi Shares Decline Midday Despite Promising Results on Amlitelimab
Sanofi announces positive results from two Phase 3 studies of amlitelimab in atopic dermatitis, with regulatory submissions planned for the second half of 2026. Nevertheless, the stock is down 1.44% at midday, impacted by analyst target revisions and a deteriorated technical environment.
Sanofi Shares Drop Amid Positive Clinical Updates
Sanofi's stock is down 1.44% to 78.61 euros at midday, a decline from the previous close of 79.76 euros. The traded share capital remains limited to 0.03%, reflecting moderate liquidity in the session. Over seven days, the decline is 3.7% and reaches 20.48% over a year, indicating a significant downward trend. However, this morning the group announced encouraging results for amlitelimab, with two new Phase 3 studies, SHORE and COAST 2, supplementing data presented in September 2025. According to the release, the SHORE study met all primary and key secondary endpoints at week 24, with a consistent safety profile. The COAST 2 study showed mixed results across geographical areas, achieving statistical significance in the United States but not in Europe. Global regulatory submissions are planned for the second half of 2026.
Technically, the stock price is significantly below the 50 and 200-day moving averages, at 83.79 and 85.34 euros respectively, confirming a bearish setup. The RSI at 42 remains in the neutral zone but close to overselling, without entering it. The stock is just above the support threshold at 78.03 euros, a key level whose breach could intensify selling pressures. The resistance threshold is at 84.44 euros, well above the current price.
Stock Downgrade Following Analysts' Target Revisions
The stock's decline comes days after several downward target revisions by analysts. UBS downgraded the stock to neutral on January 16, lowering its target from 105 to 88 euros, while Deutsche Bank reduced its target from 110 to 105 euros, still maintaining a buy recommendation. Goldman Sachs and Morgan Stanley also adjusted their forecasts to 90 and 95 euros respectively. These revisions reflect ongoing concerns about the group's ability to offset the patent loss of Dupixent in the early 2030s and to overcome recent setbacks in its pipeline, including the announced delay for tolebrutinib in December.
Amlitelimab represents one of the key molecules on which Sanofi is betting to reignite its growth. The treatment, which selectively targets the OX40 ligand without destroying T cells, could become the first atopic dermatitis therapy administered only four times a year. Two additional Phase 3 studies, AQUA and ESTUARY, are expected to publish their results in the second half of 2026. Moreover, the group recently received regulatory approvals in China for Myqorzo and Redemplo on January 15, as well as a European approval for Tzield on January 12. Despite these advancements, the market remains cautious about the execution challenges and margin pressures facing the French pharmaceutical giant.
