Oppenheimer Boots Price Target On Alexion (ALXN) Following Asfotase Alfa Review

Oppenheimer raised its price target on Outperform-rated Alexion Pharmaceuticals (NASDAQ: ALXN) from $75 to $84 after a deeper look at Enobia's primary asset, asfotase alfa, which is an enzyme replacement therapy (ERT) for hypophosphatasia (HPP), an ultra-orphan indication with no effective therapies.

The firm estimates peak sales of approx. $750M for asfotase, which is now include in the firm's DCF valuation with a 70% probability adjustment.

They expect continued momentum in 2012 on growing appreciation for ALXN's pipeline.

For an analyst ratings summary and ratings history on Alexion Pharmaceuticals click here. For more ratings news on Alexion Pharmaceuticals click here.

Shares of Alexion Pharmaceuticals closed at $74.33 yesterday.

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