Oppenheimer Raises Target on Alexion (ALXN) to $100 as Asfotase Alfa Data Looks Promising

March 29, 2012 3:33 PM EDT
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Price: $135.14 -0.54%

Rating Summary:
    20 Buy, 11 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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Shares of recent momentum play Alexion Pharma (Nasdaq: ALXN) got a late-day boost Thursday after an intraday research note from Oppenheimer's Bret Holley. The analyst boosted his price target on Alexion shares from $89 to $100 and maintained an Outperform rating.

The report followed earlier results from Alexion's Phase 2 asfotase alfa study in adolescents and adults with HPP. Holley estimates the product could generate $1.1 billion in peak sales. He is expecting approval of asfotase alfa for infant and juvenile HPP during the second half of 2014 and approval for adults and adolescents shortly thereafter.

With Alexion shares up 0.95 percent to $91.07 at last check, the Oppenheimer analyst's new price target suggests potential upside of about 10 percent.

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