Piper Jaffray Analyst Says Alexion Set for Gains; Stock Slides

In a report released Monday afternoon, Piper Jaffray analyst Ian Somaiya got bullish on Alexion Pharma

, adding to his Overweight rating, saying that its a takeout target. In the report, Somaiya bumped his price target on the firm up to $138 from $124, while saying the company could be worth between $148 and $208 in a potential acquisition. Somaiya expects multiple bids on the company from large pharma names, which is expected to drive its price higher. The expectation for the bids centered around a forecast that the company could add over $1.5 billion in sales linked to its recent data release. Despite the bullish report, Alexion shares have fallen 4.87 percent to $108.80.