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Alexion’s New CFO Continues To Shore Up Investor Concerns

Courtesy of Benzinga.

Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) announced Tuesday that Paul Clancy has been appointed to replace Dave Anderson as CFO, effective July 31.

Anderson will remain as a senior advisor through August to ensure a smooth transition.

“Paul is well-known among biotech investors, having spent the last 10 years as Biogen’s CFO,” noted UBS analyst Martin Auster in a note.

The announcement is expected to lessen investors’ concerns over surprises lying in wait.

On Wednesday, shares were up 7.6 percent to $116.20 on the news as of 11:00 a.m. ET.

The analyst continued to express confidence in the company, following his assertion in late-May that, due to high pessimism, even just the absence of negative headlines could serve as a catalyst.

Auster believes that growth drivers including Soliris gMG’s approval and ALXN1210 Phase 3 data can restore company value. Alexion will also need to reduce implied risk under recent regulatory headwinds.

The analyst maintained a Buy rating and $140 price target.

Also, Morgan Stanley analyst Matthew Harrison recently upgraded the company to Overweight, citing new management and too-low investor sentiment.

Investors should look out for commentary from management on research and development and long-term strategy during the second quarter earnings call.

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Posted-In: Martin Auster Matthew Harrison Morgan Stanley UBSNews


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