Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) bought Synageva Biopharma for a whopping $8.4 billion in cash and stock. That move added products and pipeline to compliment Soliris, the company’s only marketed product. Soliris is prescribed for the treatment of patients with myasthenia gravis, a rare neurological disorder, which reportedly affects an estimated 13,600 people in the United States.
While Soliris sales beat consensus estimates when the company reported earnings, and 2015 revenue guidance was increased, it was below what some on Wall Street expected. The JPMorgan analysts feel it may be conservative, and they think the company could post better sales than expected and are higher on guidance for 2015. They rate the stock as a core biotech holding.
The analysts also point out that Alexion is no longer in what they term a “clinical data vacuum,” with plenty of late and intermediate stage clinical pipeline readouts in the next 12 to 18 months.
The JPMorgan price target for the stock is $249. The Thomson/First Call consensus price target is $225.61.
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