Needham Thinks Alder Biopharmaceuticals’ Stock is Going to Recover

By Austin Angelo

In a report released yesterday, Danielle Brill from Needham reiterated a Buy rating on Alder Biopharmaceuticals (NASDAQ: ALDR), with a price target of $36. The company’s shares opened today at $16.75, close to its 52-week low of $15.10.

Brill noted:

“Results from the ongoing pivotal Phase 3 PROMISE-1 trial in patients with frequent episodic migraines (FEM) are expected this month. In the context of positive Phase 3 FEM results from all competitor CGRP antibody programs (AMGN, LLY, TEVA), we think PROMISE-1’s primary endpoint will generally be in-line with the competition. However, we expect differentiation with key secondary endpoints (≥75% reduction in migraine days over weeks 1-12 and weeks 1-4), which we think will be important for commercial success. We maintain our view that there is room for multiple players in the migraine prophylaxis market, and we believe Alder shares remain underappreciated even in a scenario where PROMISE-1 data are positive but undifferentiated. Alder’s current EV (~$550M) reflects treatment of just ~63k patients with eptinezumab in 2027 in our model, or <1% of our estimated 7.1M prevention therapy candidates."

According to TipRanks.com, Brill is ranked #3188 out of 4572 analysts.

Currently, the analyst consensus on Alder Biopharmaceuticals is Moderate Buy and the average price target is $34, representing a 103.0% upside.

In a report released today, Leerink Swann also maintained a Buy rating on the stock with a $32 price target.

The company has a one year high of $36.48 and a one year low of $15.10. Currently, Alder Biopharmaceuticals has an average volume of 617.7K.

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Alder Biopharmaceuticals, Inc. is a clinical-stage biopharmaceutical company, which discovers, develops, and commercializes various therapeutic antibodies. Its pipeline includes ALD403, Clazakizumab and ALD1613. The company was founded by Randall C. Schatzman, Mark J. Litton, and John A. Latham in January 2004 and is headquartered in Bothell, WA.