Leerink Affirms Alder BioPharma (ALDR) at 'Outperform'; Says Patent Issues Far From Over
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Leerink reaffirms Alder BioPharma (Nasdaq: ALDR) at Outperform with a price target of $41 after the company updated on its CGRP patent spat with Teva Pharma.
The firm commented Tuesday:
ALDR shares have been under pressure the last few trading sessions, and today the company issued an 8-k stating that the European Patent Office (EPO) issued a ruling revoking all claims in their competitor TEVA's patent relating to CGRP antagonist antibodies (a positive for ALDR) but maintaining and narrowing claims relating to the use of CGRP antagonist antibodies in human therapy to the prevention or treatment of headache such as migraine and cluster headache (a negative for ALDR). The persistence of the headache claims has concerned investors, but we spoke with ALDR who believes the saga is far from over in the EU, or moreover in the US. The written decision of the ruling and its logic is expected within a few weeks, at which point it will be possible to draw firmer conclusions but our early thoughts are as follows.
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