Alder BioPharma (ALDR): Buy On Weakness Ahead Of ALD403 - Piper Jaffray
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Piper Jaffray analyst, Charles Duncan, reiterated his Overweight rating on Alder Biopharm (NASDAQ: ALDR) after shares traded off, likely due to competitive noise ahead of the Amgen Phase III STRIVE results.
In STRIVE, erenumab demonstrated efficacy in line with the analyst's expectations (1.7 day reduction) and good safety. The analyst believes it's reassuring that another clean trial has been completed in FEM. From a competitive perspective, he sees Alder’s ALD403 as potentially differentiated from erenumab on time to efficacy and less frequent dosing, despite not being first to market.
No change to the price target of $47 and the analyst would be a buyer ahead of the first Phase III PROMISE-1 results for ALD403 in FEM expected 1H17.
Shares of Alder Biopharm closed at $29.58 yesterday.
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