Needham & Company Starts Alder Biopharm (ALDR) at Buy

Needham & Company initiates coverage on Alder Biopharm (NASDAQ: ALDR) with a Buy rating and a price target of $36.00.

Analyst Danielle Brill commented, "We initiate coverage of ALDR at Buy with a $36 PT. Pivotal Phase 3 PROMISE-1 data from eptinezumab, for prevention of frequent episodic migraines (FEM), are imminent. We expect a positive outcome (85% prob.) given encouraging results in two Phase 2 studies and anti-CGRP class validation in Phase 3 trials with erenumab (AMGN) and galcanezumab (LLY). Eptinezumab is administered as a quarterly IV infusion while competitors (AMGN, LLY, TEVA) are monthly SubQ self-injections. In our view, Alder shares are undervalued (EV $628M) given proximity to commercialization of relatively derisked eptinezumab in a multi-billion dollar market. Despite hefty competition, we believe the subset of patients which will prefer or warrant a quarterly IV treatment over more frequent self-injections, can generate meaningful sales of ~$1B US."

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 $18.20 yesterday.

You May Also Be Interested In

• TD Cowen Starts Obsidian Therapeutics (OBX) at Buy
• Morgan Stanley Downgrades Freshpet (FRPT) to Equalweight
• Raymond James Starts Civeo (CVEO) at Strong Buy