Piper a buyer of Alexion on weakness, says Ultomiris data ‘look good’

After Alexion released top-line results for a Phase 3 trial of Ultomiris in complement inhibitor-naive aHUS patients, Piper Jaffray analyst Christopher Raymond said he believes the data “look good,” stating that a comparison to Soliris is not “apples-to-apples” since management tells him that patients in the Ultomiris study were sicker than Soliris’ Phase 3 patients with less favorable metrics across several measures. No new safety signals were observed and although four patient deaths were reported, none were attributed to Ultomiris, Raymond added. The analyst, who would be a buyer of shares on the weakness, keeps an Overweight rating and $180 price target on Alexion.
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