Piper Jaffray Raises Its Price Target on Alexion (ALXN)

Piper Jaffray has raised its price target on Alexion

from $86 to $94 following ALXN presenting data on Soliris this past weekend. In a note to clients, Piper Jaffray writes, "We believe the dramatic treatment benefit removes any doubt of FDA's willingness to approve Soliris on the two Phase II trials. We continue to expect sBLA filing in late 3Q11 to support approval in 1H12. Our near Street high estimates reflect rapid adoption by nephrologists given meaningful improvement in kidney function in the vast majority of patients, which delayed need for dialysis and implied improvement in survival." Piper Jaffray sees, "1) disappointing clinical data for Soliris, and 2) FDA request for additional data for Soliris approval in aHU," as potential risks to achieving the target price.