Alder BioPharma (ALDR): Far from Game Over But Cutting PT - Jefferies
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Jefferies analyst, Brian Abrahams, reiterated his Buy rating on shares of Alder Biopharm (NASDAQ: ALDR) but cut his price target to $46 from $57 after additional details emerged that indicate Teva Pharmaceutical's (NYSE: TEVA) amended broad CGRP claims were upheld at Fri's EPO hearing. This is a surprise, which could potentially block Alder's '403 from the EU mkt.
However, there are reasons Alder could reverse this on appeal, FTO in much larger U.S. mkt is likely unaffected (with worst case likely just royalties to TEVA), and stock already likely reflects this level as the news spread quickly. The price target is cut on reduced EU POS but the analyst still sees upside opportunity.
Shares of Alder Biopharm closed at $26.45 yesterday.
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