Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) announced that Soliris has failed to meet primary endpoints in a Phase II/III study related to the prevention of delayed graft function in adult recipients of diseased-donor kidney transplants who have elevated risk of disease.
Soliris failed to achieve a statistically significant reduction in DCF incidents compared to a placebo.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Despite the disappointing news, several Wall Street analysts remain bullish on Alexion stock.
Voices From The Street
Leerink analyst Geoffrey Porges is more concerned with Alexion pouring money and resources into research that offers limited value for shareholders.
“The failure of Soliris for the prevention of delayed graft function (DGF) after kidney transplantation does not materially impact our long-term Soliris forecasts for growth rate, but does represent another example of Alexion ploughing Soliris profits into high risk trials for low value indications,” Porges explained.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
Leerink maintains an Outperform rating and $211 price target for Alexion.
BMO Capital Markets analyst Ian Somaiya has reduced the firm’s price target for Alexion from $171 to $165 following the trial failure, but he believes investors should be buying any potential dips in the Outperform-rated stock.
“We therefore recommend investors gradually build a position in ALXN as recent changes do not diminish Alexion’s sustainable growth opportunity or burgeoning pipeline,” Somaiya explained.
A Deutsche Bank analyst said that positive trial results “would have been nice,” but the DGF failure will have “little impact to our overall thesis.”
Deutsche Bank lowered its price target for Alexion from $164 to $160 but maintains a Buy rating on the stock.
Alexion shares are up 0.7 percent in early Thursday trading.
Image Credit: See page for author [Public domain], via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.