Shares of Alexion Pharmaceuticals, Inc. (ALXN, Financial) fell sharply in the first quarter as a result of the massive correction in the biotech/pharma space. Alexion develops treatments for rare diseases. Its high foreign exchange exposure and high multiple also pressured the stock. Overall, we believe there have been no significant changes to the fundamentals of Alexion’s story and we retain conviction. (Josh Riegelhaupt)
From Baron Opportunity Fund first quarter 2016 commentary.
