FBR Capital Upgrades Alexion Pharmaceuticals (ALXN) to Market Perform
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FBR Capital upgraded Alexion Pharmaceuticals (NASDAQ: ALXN) from Underperform to Market Perform with a price target of $130.00.
Analyst Christopher James commented, "Yesterday, Alexion reported its financial results for 3Q16. Total revenues came in at $799 million, well above our and the consensus estimates of $743 million and $787 million, respectively. Quarter-over-quarter Soliris sales grew from $701 million to $729 million. In terms of pipeline advancements, we received updates on all clinical programs; however, we focus on the following key takeaways: (1) ALXN1210 is advancing with the initiation of two registrational Phase III trials in PNH and aHUS in 4Q16 with eight-week dosing intervals and a recent initiation of dosing with the SQ formulation of ALXN1210 in a Phase I trial with healthy volunteers; (2) ALXN plans to file eculizumab in the U.S. and EU for refractory MG (rMG) in 1Q17, based on regulatory feedback; and (3) we expect Strensiq to be the primary growth driver of the metabolic franchise over the next few years."
Shares of Alexion Pharmaceuticals closed at $131.37 yesterday.
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