Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) continued to cruise ahead Friday after it received two analyst upgrades following its strong performance in third quarter 2016.
The stock gained another 3.21% to end Friday at $135.59, building on Thursday’s 8.04% jump. For the week, Alexion gained 12.75%.
Alexion develops therapies for patients suffering from rare and devastating disorders. Its Soliris (eculizumab) drug is the first and only approved complement inhibitor to treat patients with paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS), two life-threatening ultra-rare disorders.
Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) upgraded
Following Alexion’s solid results for the third quarter, analysts at FBR upgraded the stock from Underperform to Market Perform and moved up their price target from $92 to $135.
They cited Alexion’s Q3 revenue beat and pipeline advancements (particularly those for ALXN1210 and Strensiq) and the forthcoming filing of eculizumab in the U.S. and EU for refractory MG (rMG) in the first quarter of 2017.
Meanwhile Goldman Sachs rerated Alexion from Neutral to Buy and have a price target of $158.
Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN): What the fuss is all about
On Thursday, Alexion released its earnings report for the third quarter 2016 before the market opened.
EPS of $1.23 beat estimates by $0.06. Revenue of $799.11 million beat estimates by $12.25 million, and was up 19.9%.
Soliris sales were up 9.6% to $729 million driven by growth in patients in both the indications of paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS).
Strensiq and Kanuma clocked $61 million and $9 million of quarterly revenues, respectively.
The company also updated its 2016 outlook. The company now expects adjusted earnings per share to be at the upper end of the previously guided range of $4.50 to $4.65. Revenues are now estimated to be at the upper end of previously guided range of $3.05 to $3.10 billion.
“As we continue to grow our complement and metabolic businesses, we are working with urgency to file our regulatory submissions for eculizumab for the treatment of patients with refractory gMG in both the U.S. and Europe, and to enroll patients with PNH and aHUS into the global ALXN1210 registration trials,” said David Hallal, Chief Executive Officer.