At Fridays close Alexion Pharmaceuticals (ticker: ALXN) ended the day 5.32% on approximately double its average trading volume. Although the reason for this fall isn't due to a company-specific event, we can attribute this to what has been a weak earnings season. With ALXN due to report Q3 earnings on October 24th, investors may be speculating a ALXN miss. In addition, despite not having any direct competitors, Cubist Pharmaceuticals (ticker: CBST), another niche market biotech player, traded down on lower than expected revenue estimates. While many are uncertain, we remain positive on ALXN's ability to continue to "beat and raise" estimates.