UPDATE: Brean Capital Assumes Alder Biopharm (ALDR) at Buy

September 30, 2016 6:33 AM EDT
Get Alerts ALDR Hot Sheet
Price: $22.85 +0.88%

Rating Summary:
    9 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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(Updated - September 30, 2016 10:04 AM EDT)

Brean Capital assumed coverage on Alder Biopharm (NASDAQ: ALDR) with a Buy rating and a price target of $45. Analyst Difei Yang thinks the company will be a leader in the migraine market.

Yang summarized his views, writing, "Alder BioPharmaceuticals is a clinical stage biopharmaceutical company working toward the discovery, development, and commercialization of therapeutic antibodies for treatment of migraines, autoimmune diseases, and inflammatory diseases. The company’s lead product candidate, ALD403, a novel monoclonal antibody delivered intravenously and indicated for migraine prevention, is entering two Phase III trials for frequent episodic migraines (FEM) and chronic migraines (CM). Recent Phase IIb results showed sustained efficacy of a 75% reduction in migraine days per month in one-third of enrolled patients. The two Phase III trials are Prevention of Migraine via Intravenous ALD403 Safety and Efficacy 1 (Promise 1) for FEM, which has an expected readout in 1H17, and Promise 2 for CM, which is slated to initiate in 2H16. The company held $450 mil in cash and cash equivalents and short-term investments as of the end of 2Q16, With a multiple value inflection point in the near term, i.e., readouts on Promise 1, we assume coverage with a BUY rating and $45 TP."

For an analyst ratings summary and ratings history on Alder Biopharm click here. For more ratings news on Alder Biopharm click here.

Shares of Alder Biopharm closed at $31.29 yesterday.



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