Merrill reiterates Alexion at buy

Alexion Pharmaceuticals Inc. was reiterated at buy by Merrill Lynch analyst David Munno after Genzyme's announcement that Myozyme would be priced at about $300,000 per year for the average patient. Alexion may be able to take advantage of this high price benchmark and could price Soliris significantly higher. Merrill estimated 2010 U.S. sales of $335 million for the treatment of about 1,450 patients. At a possible price of $300,000 per year, about 30% fewer, or 1,000 patients, would be sufficient. Shares of the Cheshire, Conn., biotechnology company were down 89 cents, or 2.73%, at $31.67 on volume of 316,659 shares versus the three-month running average of 424,213 shares. (Nasdaq: ALXN)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.