BMO Capital Starts Alder Biopharm (ALDR) at Outperform
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BMO Capital initiates coverage on Alder Biopharm (NASDAQ: ALDR) with a Outperform rating and a price target of $42.00.
Analyst Matthew Luchini commented, " Our Outperform rating is based on our belief that Alder's lead drug ALD403 is well positioned to become a blockbuster treatment for migraine prevention. We believe Phase II data points to a competitive efficacy and safety profile, while quarterly dosing offers a potential competitive advantage versus every other week or once monthly competitors. We believe ALD403’s dosing advantage could be expanded with a potential SC or IM formulation, upside to our model. Our $2.1bn peak sales estimate (67% risk-adjusted) is limited to the US and EU leaving ROW as upside."
Shares of Alder Biopharm closed at $29.50 yesterday.
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