Alexion Shares Down 10+%; Piper Says 'Buy On Weakness'

Traders and investors in Alexion Pharmaceuticals, Inc. ALXN sold shares Tuesday following news from the company topline results from a REGAIN study did not hit statistical significance. While most analysts responded to the price decline accordingly and lowered price targets, one analyst made a convicted call in his bull thesis.

Piper Jaffray's Joshua Schimmer reiterated an Overweight rating and $212 price target on Alexion shares, and said "buy on weakness."

Although the study missed the primary efficacy endpoint, Schimmer noted "meaningful improvements were observed in all three secondary efficacy endpoints as well as 7/8 prospectively defined pre-specified sensitivity analyses."

"In looking at the totality of the results, we are highly encouraged by the positive data especially the proportion of patients with at least a 5-point reduction in QMG total score, which we believe translates as a meaningful benefit
and should support accelerated approval," Schimmer said.

As Alexion shares closed Tuesday's session down nearly 11 percent at $138.13, Schimmer's maintained price target suggests possible price appreciation of about 53 percent.