Piper 'incrementally more positive' on Alexion, boosts target to $177
Piper Jaffray analyst Christopher Raymond is "incrementally more positive" on Alexion Pharmaceuticals following what he sees as an "overwhelmingly positive read-out" for Soliris in neuromyelitis optica spectrum disorder. Data from the Phase 3 Prevent trial in NMO wasn't expected until year-end 2018, and given management's cautious commentary heading into the "high risk" event, few investors were expecting to see data as compelling as today's read-out with Soliris showing a 94% reduction in risk of relapse over placebo, Raymond tells investors in a research note. The analyst says he wouldn't be surprised to see this indication approved by next year. He believes Soliris in NMO "can be a substantial contributor" to the Soliris top-line and boosted his price target for the shares to $177 from $170. Raymond keeps an Overweight rating on Alexion.