Evercore ISI analyst Josh Schimmer notes Alexion is trading lower after an announcement that the European Patent Office rejected a new composition of matter patent for Soliris which could extended to 2027. The analyst points out that this patent was never part of his investment thesis, as he views it more as a "nice to have" rather than a "need to have" for success given many additional barriers to entry including label expansions and raising the bar through Q8W 1210 IV and ultimately s.c. dosing. Schimmer reiterates an Outperform rating and $150 price target on the shares. In afternoon trading, shares of Alexion have dropped over 4% to $113.23.