Alexion Pharma (ALXN): Products Unimpaired - Leerink
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Leerink Partners analyst, Geoffrey Porges, reiterated his Outperform rating on shares of Alexion Pharmaceuticals (NASDAQ: ALXN) after the company filed a Form 12b-25 Notification of Late Filing for their Q3 2016 10-Q.
The company disclosed that their board’s Audit and Finance Committee is investigating alleged fraudulent sales practices for Soliris based on allegations made by a former employee. ALXN did not file the third quarter 2016 10-Q by yesterday’s deadline, and has offered no assurance that their quarterly accounts will be filed within the SEC’s five day grace period after the non-timely (NT) notice. From our conversation last night with management, it indeed seems likely that the resolution of this investigation, and the clarification of the company’s re-statements, if needed, will take potentially weeks rather than days.
No change to the price target of $211.
Shares of Alexion Pharmaceuticals closed at $127.16 yesterday.
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