Brean Capital started coverage on shares of Alder BioPharmaceuticals Inc. (NASDAQ:ALDR) in a research report released on Friday. The brokerage issued a buy rating and a $45.00 price target on the biopharmaceutical company’s stock.
“We anticipate ALD403 US drug sales reaching $1 billion annually well before patent expiration in 2032,” analyst Difei Yang wrote in a note.Yang noted that the ALD403 has huge market potential as recent data from Migraine Research Foundation says each year in the United States about 10 million to 14 million adults experience frequent or chronic migraines, leading to nearly $13 billion in lost productivity in the United States alone.”A primary advantage of ALDR403 vs. other close-to-market CGRP’s is its dosing schedule, which consists of a single IV treatment every 3 months. The remaining 3 CGRP’s in late-stage development rely on monthly subcutaneous injections,,” Brean Capital’s analyst wrote.
A number of other research analysts have also issued reports on ALDR. Zacks Investment Research upgraded Alder BioPharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, July 6th. Jefferies Group increased their target price on Alder BioPharmaceuticals from $61.00 to $62.00 and gave the company a buy rating in a research report on Wednesday, July 27th. Finally, JPMorgan Chase & Co. assumed coverage on Alder BioPharmaceuticals in a research report on Tuesday, September 13th. They set an overweight rating and a $40.00 target price on the stock. Seven research analysts have rated the stock with a buy rating, The company has an average rating of Buy and a consensus price target of $45.00.
Alder BioPharmaceuticals (NASDAQ:ALDR) opened at 31.47 on Friday. The stock’s market capitalization is $1.58 billion. Alder BioPharmaceuticals has a 1-year low of $15.82 and a 1-year high of $39.43. The firm’s 50-day moving average is $32.29 and its 200 day moving average is $28.37.
Alder BioPharmaceuticals (NASDAQ:ALDR) last released its quarterly earnings data on Tuesday, July 26th. The biopharmaceutical company reported ($0.79) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.75) by $0.04. The business earned $0.11 million during the quarter, compared to analyst estimates of $1.14 million. During the same quarter in the previous year, the company posted ($0.46) EPS. The company’s quarterly revenue was up 112900.0% on a year-over-year basis. Equities analysts anticipate that Alder BioPharmaceuticals will post ($3.33) EPS for the current fiscal year.
In related news, insider Randall C. Schatzman sold 10,000 shares of the stock in a transaction on Monday, July 25th. The stock was sold at an average price of $28.08, for a total value of $280,800.00. Following the completion of the transaction, the insider now directly owns 124,768 shares of the company’s stock, valued at approximately $3,503,485.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey T. L. Smith sold 3,000 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $31.17, for a total value of $93,510.00. Following the completion of the transaction, the vice president now directly owns 3,000 shares of the company’s stock, valued at $93,510. The disclosure for this sale can be found here. 11.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Cormorant Asset Management LLC increased its position in Alder BioPharmaceuticals by 97.7% in the first quarter. Cormorant Asset Management LLC now owns 1,497,475 shares of the biopharmaceutical company’s stock valued at $36,673,000 after buying an additional 740,000 shares in the last quarter. Bellevue Group AG purchased a new position in Alder BioPharmaceuticals during the first quarter valued at approximately $808,000. Legal & General Group Plc increased its position in Alder BioPharmaceuticals by 57.6% in the first quarter. Legal & General Group Plc now owns 8,349 shares of the biopharmaceutical company’s stock valued at $203,000 after buying an additional 3,053 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Alder BioPharmaceuticals during the first quarter valued at approximately $651,000. Finally, HBK Investments L P purchased a new position in Alder BioPharmaceuticals during the first quarter valued at approximately $282,000.
Alder BioPharmaceuticals Company Profile
Alder Biopharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company discovers, develops and focuses to commercialize therapeutic antibodies with the potential to transform current treatment paradigms. The Company has developed an antibody platform designed to select antibodies that have the potential to maximize efficacy, as well as speed of onset and durability of therapeutic response.
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