Piper Sandler analyst Christopher Raymond said he is frustrated by the reaction in Alexion shares "to what has essentially become a mid-winter ritual," as he notes that the company's fiscal year guidance has been below consensus when first offered in Q4 "for years." He reminds investors that Alexion's actual FY19 revenue total exceeded initial guidance by $329M, stating that "we're not buyers of this cautious guidance, but we are buyers of the stock on weakness." Raymond, who thinks Alexion is well-positioned in the near- and longer-term, keeps an Overweight rating on the stock, which is down nearly 4% in afternoon trading.