Alder BioPharma (ALDR): Teva Selloff Is An Overreaction Ahead of PhIII Data In 1H17 - PiperJaffray
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Piper Jaffray analyst, Charles Duncan, reiterated his Overweight rating on shares of Alder Biopharm (NASDAQ: ALDR) believing the recent downdraft is due to outcome uncertainty for Alder’s challenge to Teva’s anti-CGRP patents in the US and EU. IP nuances are not central to his thesis and he thinks the stock is worth considering following last Friday’s EU hearing.
He does not project EU sales but for the much larger US market he sees a single-digit royalty to Teva (worst case scenario), which should yield only a modest valuation haircut of a few dollars, substantially less than the recent downdraft. Therefore, he continues to recommend ALDR shares on what appears to be an IP headache over-correction.
The analyst also notes that the first Phase III FEN results are expected in 1H17.
No change to the price target of $47.
Shares of Alder Biopharm closed at $25.60 yesterday.
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Related EntitiesPiper Jaffray, Charles Duncan
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