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ALXN

Alexion

$120.05

-0.11 (-0.09%)

08:05
02/12/19
02/12
08:05
02/12/19
08:05

Morgan Stanley says survey points to rapid switching to Alexion's Ultomiris

Morgan Stanley analyst Matthew Harrison called the long-term durability of the Soliris/Ultomiris franchise the key investor debate on Alexion, stating that current valuation implies that less than 50% of Soliris patients will switch to the next-generation version. However, the firm's survey points to a rapid switch, with physicians saying they expect 57% of their patients to switch in 6 months and 84% in the first year, Harrison tells investors. He believes robust switching, as supported by the survey data, should drive durable long-term revenue growth and he raised his price target on Alexion shares to $175 from $165 on his switch conviction. Harrison keeps an Overweight rating on Alexion.

  • 18

    Feb

  • 20

    Mar

ALXN Alexion
$120.05

-0.11 (-0.09%)

01/28/19
PIPR
01/28/19
NO CHANGE
Target $180
PIPR
Overweight
Piper a buyer of Alexion on weakness, says Ultomiris data 'look good'
After Alexion released top-line results for a Phase 3 trial of Ultomiris in complement inhibitor-naive aHUS patients, Piper Jaffray analyst Christopher Raymond said he believes the data "look good," stating that a comparison to Soliris is not "apples-to-apples" since management tells him that patients in the Ultomiris study were sicker than Soliris' Phase 3 patients with less favorable metrics across several measures. No new safety signals were observed and although four patient deaths were reported, none were attributed to Ultomiris, Raymond added. The analyst, who would be a buyer of shares on the weakness, keeps an Overweight rating and $180 price target on Alexion.
02/01/19
PIPR
02/01/19
NO CHANGE
PIPR
Overweight
Amgen acquisition of Alexion could make a lot of sense, says Piper Jaffray
While most investors anticipate Amgen (AMGN) could be shopping for smaller, bolt-on deals amid increased investor and press speculation that it is now an active acquirer, a larger deal with more near-term accretion potential may make more sense, Piper Jaffray analyst Christopher Raymond tells investors in a research note partially titled "Go Big or Go Home?" He thinks a potential Amgen for Alexion Pharmaceuticals (ALXN) deal "could actually make a lot of sense." Even at levels approaching $200 per share for Alexion, Amgen "could make a strong argument for a business combination," says Raymond. Alexion closed yesterday up $1.64 to $122.96. The analyst admits that some "bolt-on deals have been bandied around" by investors that "arguably make sense" for Amgen, including Biohaven Pharmaceutical and Amarin (AMRN). However, none of these options on their own get Amgen "to where they need to be to address the growth challenges of the legacy franchises," Raymond argues. He thinks a better deal for the company may be Alexion, which would bring in a "long-tailed asset" with Soliris/Ultomiris, an area Amgen has already approached with its Soliris biosimilar effort. The analyst's math has the potential deal being accretive next year, growing to 20%-plus accretion by 2024 for Amgen, even at a takeout price approaching $200 per Alexion share. Raymond keeps Overweight ratings on both companies.
02/01/19
MSCO
02/01/19
NO CHANGE
Target $165
MSCO
Overweight
Alexion amyloidosis pact has 'solid' risk/reward, says Morgan Stanley
Morgan Stanley analyst Matthew Harrison said he views Alexion's collaboration with Caelum to develop an antibody targeting amyloid light chain amyloidosis positively given the upside potential and "modest" upfront investment. While debate continues around trial design and the proper endpoint, management said it is working towards initiating a Phase 2 study by early 2020, Harrison noted. He keeps an Overweight rating on Alexion shares.
02/04/19
PIPR
02/04/19
NO CHANGE
Target $180
PIPR
Overweight
Piper sees 'perplexing disconnect' between Alexion fundamentals, stock price
Piper Jaffray analyst Christopher Raymond sees "yet another perplexing disconnect between fundamentals and stock action" following Alexion Pharmaceuticals' Q4 results. With a beat and above consensus fiscal 2019 earnings guidance, the market seems focused on Alexion's below consensus revenue guidance, Raymond tells investors in a post-earnings research note titled "Q418 Beat, FY19 Revenue Guidance a Bit of a Sandbag; Buyers Right Here." The sales outlook "seems to presuppose everything but the kitchen sink with respect to any type of headwind," says the analyst. He thinks Alexion's management team has continued to deliver without reward from the market. Further, there is "very real potential" for the company to be taken out, Raymond adds. He's a buyer of the stock at current levels with an Overweight rating and $180 price target. Alexion in afternoon trading is down 2% to $123.79.

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CBOE

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LRCX

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TDS

Telephone and Data

$36.69

-0.07 (-0.19%)

07:54
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OLED

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KEYS

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DLPH

Delphi Technologies

$21.70

3.44 (18.84%)

07:51
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TDS

Telephone and Data

$36.69

-0.07 (-0.19%)

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BMRN

BioMarin

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AAOI

Applied Optoelectronics

$14.62

(0.00%)

07:51
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USM

U.S. Cellular

$55.91

-0.62 (-1.10%)

07:50
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NCLH

Norwegian Cruise Line

$55.51

1.79 (3.33%)

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EXAS

Exact Sciences

$83.30

-0.3 (-0.36%)

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USM

U.S. Cellular

$55.91

-0.62 (-1.10%)

07:48
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  • 22

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INTC

Intel

$51.40

-0.01 (-0.02%)

07:48
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SFM

Sprouts Farmers Market

$23.32

-0.8 (-3.32%)

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TTEC

TTEC Holdings

$35.09

-0.91 (-2.53%)

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  • 13

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STMP

Stamps.com

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ACHV

Achieve Life Sciences

$1.80

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QLYS

Qualys

$84.33

0.36 (0.43%)

07:47
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NE

Noble Corp.

$3.12

-0.2 (-6.02%)

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STMP

Stamps.com

$198.08

-4.03 (-1.99%)

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ATNI

ATN International

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TDS

Telephone and Data

$36.69

-0.07 (-0.19%)

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  • 22

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