Piper Jaffray analyst Christopher Raymond expects shares of Alexion Pharmaceuticals to be up "sharply" this morning on the "strong" Q1 print and news that ALXN1210's switch study met all non-inferiority endpoints and in fact was numerically superior to Soliris "across the board." Following ALXN1210's successful treatment naive study, this switch study had been a central bear concern, Raymond tells investors in a research note partially titled, "What Will Bears Come Up With Now?." As such, the analyst thinks long term concerns over Alexion's complement franchise "have been significantly diminished." Raymond believes the shares can "finally" begin work again. He keeps an Overweight rating on Alexion with a $170 price target. The stock in premarket trading is up 7% to $113.45.