Needham & Company Downgrades Alexion Pharmaceuticals (ALXN) to Hold; Solid Company with Strong Fundamentals, Yet Near-Term Growth/Other Positives Already Priced In

Needham & Company downgraded Alexion Pharmaceuticals (NASDAQ: ALXN) to Hold.

Needham analyst says, "We believe the current stock price reflects the expected continued growth of Soliris as well as expected favorable upcoming events in the near term...We believe the story is well understood by investors, and the stock is fair valued: our valuation is based on 30x 2013 non-GAAP EPS of $3.97 and discounted by 10% annually. Thus, we feel it is difficult to recommend investors to take new positions at current price level. ALXN stock price has increased ~62% in 2010 and has appreciated ~25% YTD. We recommend that further investments in ALXN be based opportunistically at a lower price point or based on a more rapid than expected timeline for Soliris expansion in new territories or new Soliris indications."

For more ratings news on Alexion Pharmaceuticals click here and for the rating history of Alexion Pharmaceuticals click here.

Shares of Alexion Pharmaceuticals closed at $99.76 yesterday.

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