Anticlimactic Resolution of Delayed 10-Q Rallies Alexion Stock; Shares Remain Undervalued
Alexion Pharmaceuticals' stock is rallying, up over 10% on Jan. 5, thanks to the anticlimactic resolution of the firm’s delayed 10-Q and reiterated full-year guidance. Our $175 per share fair value estimate remains unchanged, since our model did not assume material restatement of Soliris sales. Based on our optimistic outlook for the Soliris franchise, we believe shares remain undervalued despite the recent gains. In early November, Alexion revealed that Soliris sales practices were under invest...Alexion Pharmaceuticals is a biopharmaceutical company serving patients and families affected by rare diseases through the discovery, development and commercialization of therapies. The company has developed and commercialized two complement inhibitors to treat patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome, as well as the complement inhibitor to treat anti-acetylcholine receptor antibody-positive generalized myasthenia gravis and neuromyelitis optica spectrum disorder in patients who are anti-aquaporin-4 antibody positive. In addition, the company has two enzyme replacement therapies for metabolic disorders, hypophosphatasia and lysosomal acid lipase deficiency.
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