AMGN Data Bodes Well For Alder BioPharma (ALDR) - Jefferies
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Jefferies analyst, Brian Abrahams, reiterated his Buy on Alder Biopharm (NASDAQ: ALDR) on the heels of Amgen's (NASDAQ: AMGN) impressive patient-reported outcome data. The data was presented at EHMTIC for AMGN's CGRP antibody and supports the likelihood that the CGRP class, including ALDR's ALD403, will show clear QOL improvements and med reductions that ultimately support solid pricing. The analyst believes the favorable risk profile, late stage, and blockbuster market opportunity for '403 remains meaningfully underappreciated in ALDR shares despite the recent runup.
No change to the price target of $62.
Shares of Alder Biopharm closed at $34.31 yesterday.
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