Credit Suisse analyst A. Young lowered its price target on Alexion Pharmaceuticals (NASDAQ: ALXN) to $186.00 (from $195.00) and reiterated a Neutral rating on less visibility on Soliris expansion programs.

Young commented, "We lowered the probability of MG and NMO from 50% to 25% and took out DGF because we are a bit more cautious after this readout. To us, there is still a shot that the therapy can get approved with this data set in MG, but certainly the regulatory pathway is a lot less clear. We now have low visibility and are in a gray area around how to think about approval in this refractory population."

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Shares of Alexion Pharmaceuticals closed at $154.99 yesterday.