Alexion Rises to Highest in Six Weeks on Analyst’s View

Alexion Pharmaceuticals Inc. (ALXN), a maker of a drug for rare blood diseases, rose to its highest price in six weeks after an analyst recommended buying the stock ahead of the company’s second-quarter earnings report.

Alexion gained 4.6 percent to $100.12 at the close in New York, its highest price since May 30. The shares of the Cheshire, Connecticut-based drugmaker have gained 6.8 percent this year.

That increase trails the 35 percent boost in the Nasdaq Biotechnology Index, prompting Christopher Raymond, an analyst with Robert W. Baird & Co., to recommend buying Alexion in a research note yesterday. Alexion has been expanding use of its drug Soliris and the growth should continue this year, Raymond said today in a telephone interview.

“This is a name that’s been a victim of a little bit too much anxiety over 2013 numbers,” Raymond said. “We’re thinking there’s upside in the near term.”

To contact the reporter on this story: Meg Tirrell in New York at mtirrell@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.