BMO Capital analyst Matthew Luchini initiated Alexion with an Outperform and $149 price target. The analyst notes that the stock has been "oversold" due to investor concerns regarding its emerging competition and the durability of its IP, but he believes that the stock remains a "core rare disease holding" led by "credible" management with a "solid" record of execution. Luchini adds that Alexion's faster-than-expected Ultomiris conversion and further label expansion should provide top-line protection, while its continued pipeline progress will help diversify its revenue base.