Bloomberg News

Alexion Rises to Highest in Six Weeks on Analyst Recommendation

July 10, 2013

Alexion Pharmaceuticals Inc. (ALXN:US), a maker of a drug for rare blood diseases, rose to its highest price in six weeks after an analyst recommended buying the stock ahead of the company’s second-quarter earnings report.

Alexion gained (ALXN:US) 4.6 percent to $100.12 at the close in New York, its highest price since May 30. The shares of the Cheshire, Connecticut-based drugmaker have gained 6.8 percent this year.

That increase trails the 35 percent boost in the Nasdaq Biotechnology Index, prompting Christopher Raymond, an analyst with Robert W. Baird & Co., to recommend buying Alexion in a research note yesterday. Alexion has been expanding use of its drug Soliris and the growth should continue this year, Raymond said today in a telephone interview.

“This is a name that’s been a victim of a little bit too much anxiety over 2013 numbers,” Raymond said. “We’re thinking there’s upside in the near term.”

To contact the reporter on this story: Meg Tirrell in New York at mtirrell@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net


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Companies Mentioned

  • ALXN
    (Alexion Pharmaceuticals Inc)
    • $181.96 USD
    • 3.09
    • 1.7%
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