Alexion Pharmaceuticals Turns Lower Despite Upbeat Q3 Earnings, Guidance

(RTTNews) - After seeing initial strength, shares of Alexion Pharmaceuticals (ALXN) have moved sharply lower over the course of the trading session on Wednesday. Alexion is currently down by 8.6 percent after hitting its lowest intraday level in over five months.

The downturn by Alexion comes even though the pharmaceutical company reported better than expected third quarter earnings and raised its full-year guidance.

Alexion also announced a collaboration with Dicerna Pharmaceuticals (DRNA) to discover and develop RNA interference therapies for complement-mediated diseases

Dicerna will receive an immediate upfront payment of $22 million, with Alexion making a concurrent $15 million equity investment in Dicerna at a premium to market as of the collaboration effective date.