Oppenheimer Reports New Soliris Opportunities To Become Clearer In 2H11 For Alexion

According to Oppenheimer, Alexion Pharmaceuticals' ALXN new Soliris opportunities are likely to become clearer in 2H11. Oppenheimer reported that it has extensively reviewed potential new indications for Soliris, beyond PNH/aHUS/renal transplant, ahead of multiple proof-of-concept data readouts in 2H11. “Based on our analysis, there are a number of diseases where complement dysregulation plays a key role and current treatment options are poor. We believe the nearest term opportunity for Soliris is dense deposit disease (DDD), and we view dry age-related macular degeneration (AMD) as the largest opportunity. We believe ALXN's current valuation reflects limited value for opportunities beyond PNH/aHUS/transplant, and we believe shares will climb higher as new Soliris indications, particularly DDD, come into view in 2H11. We are raising our PT to $104 (from $99), as we now include risk-adjusted DDD sales in our DCF valuation.” Alexion Pharmaceuticals closed yesterday at $94.40.