H.C. Wainwright Reiterates Buy Rating, $21 Price Target on Alpine Immune Sciences (ALPN), "Data Firmly Justify Expliration of davoceticept"

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating and $21.00 price target on Alpine Immune Sciences (NASDAQ: ALPN), following the company's AACR presentations.

The analyst comments: "We continue to believe these data firmly justify exploration of davoceticept's anti-cancer activity in expansion studies and possible combination studies (e.g., chemotherapy, CKI, and/or other immunomodulatory agents) going forward.

We reiterate our Buy rating and $21 price target. Our valuation is based on our clinical net present value (NPV) model, which allows us to flex multiple assumptions affecting a drug's potential commercial profile. Our valuation is currently based on Alpine's three assets: (1) ALPN-101 (37% contribution) where we project a 20% chance of success across three indications; (2) ALPN-303 (29% contribution) for B-cell mediated diseases where we project a 10% chance of success; and (3) davoceticept (ALPN-202; 34% contribution), where we project a 10% chance of success. Moving forward, we believe upside potential to our valuation exists based on: (1) attaining higher market penetration than anticipated; (2) adding additional assets and indications to our valuation based on development stage and clinical data; and (3) augmenting projected chances of success based on clinical progress. Factors that could impede reaching our price target include failed or inconclusive clinical trials, the inability of the company to secure adequate funding to progress its drugs through the development pathway or the occurrence of dilutive capital raises, and lack of commercial success."

For an analyst ratings summary and ratings history on Alpine Immune Sciences click here. For more ratings news on Alpine Immune Sciences click here.

Shares of Alpine Immune Sciences closed at $7.77 yesterday.

By Vlad Schepkov

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