Playing The Downside In Alexion Pharmaceuticals

Alexion Pharmaceuticals, Inc.'s ALXN share price took a nose dive Friday afternoon following a report by Benzinga Pro that a Leerink analyst suggested Alexion could delay its 10-K filing.

At the time the headline was published, Alexion was trading at $134.87. Just under 30 minutes later, shares had fallen to $121.80, a 9.7 percent drop.

The stock had hit an intra-day high of $144.98 early Friday morning.

Benzinga Pro later reported that Citigroup said Alexion's DCF valuation range is $192-$232, however, this note to clients was likely published prior to the report that Alexion may delay its filing.

Users of Benzinga Pro received this information first, which provided a huge profit opportunity.

Shares of Alexion closed at $129.