Piper Jaffray Starts Alder Biopharm (ALDR) at Overweight
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Piper Jaffray initiates coverage on Alder Biopharm (NASDAQ: ALDR) with a Overweight rating and a price target of $47.00.
Analyst Charles Duncan commented, "We are initiating coverage on Alder with an OW rating and $47 PT based on risk-adjusted value of its anti-CGRP candidate ALD403 in Frequent Episodic Migraine (FEM) and Chronic Migraine (CM). While the space is not without its clinical and commercial points of debate, our recent diligence suggests the anti-CGRP class could usher in a paradigm shift for migraine prophylaxis and there are multiple ways to win in this large and under-served market. We see ALD403 as differentiated on quarterly vs. monthly administration from three potential formulations (IV, SC, and IM) and expect its first pivotal PROMISE-1 trial in FEM to deliver positive results in 1H17 which confirm and extend those generated in Phase II. In advance of this near-term point of value creation, we are buyers of ALDR as the only pure-play and a relative value entry point to the anti-CGRP class."
Shares of Alder Biopharm closed at $24.80 yesterday.
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