Alexion initiated at buy by Merrill

Merrill Lynch analyst David Munno initiated coverage of Alexion Pharmaceuticals Inc: at a buy rating and a $52 price target. Alexion is a small cap biotech company with a late-stage, unpartnered orphan drug with sales potential of $550 million to $800 million and could become a product/revenue-driven company in the next six to 12 months. Shares of the Cheshire, Conn., technology company were down 16 cents, or 0.46%, at $34.60 on volume of 683,815 shares versus the three-month running average of 815,235 shares. (Nasdaq: ALXN)

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