NEW YORK (TheStreet) -- Shares of Alexion Pharmaceuticals (ALXN) - Get Report were jumping 9.05% to $132.59 on heavy trading volume mid-afternoon Thursday after the company reported stronger-than-expected results for the 2016 third quarter and issued upbeat guidance for the year.
Before today's opening bell, Alexion posted adjusted earnings of $1.23 per share, beating Wall Street's projected $1.17 per share.
Revenue grew 20% year-over-year to $799.0 million, which was higher than analysts' estimated $786.9 million.
In 2015, the New Haven, CT-based biopharmaceutical company reported $1.16 per diluted share and $667 million in revenue for the third quarter.
Alexion said it now sees 2016 adjusted earnings at the upper end of between $4.50 and $4.65 per share. Analysts surveyed by FactSet are looking for adjusted earnings of $4.63 for the year.
Revenue for the full year is projected to be in the upper end of between $3.05 billion and $3.10 billion. Analysts surveyed by FactSet forecast revenue of $3.08 billion.
Alexion focuses on the development and commercialization of therapeutic products that serve patients with devastating and ultra-rare disorders.
More than 2.64 million of the the company's shares changed hands so far today vs. its average 30-day volume of 1.42 million shares per day.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Alexion as a Hold with a ratings score of C. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, the team also finds weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: ALXN