Brean Capital started coverage on shares of Alder BioPharmaceuticals Inc. (NASDAQ:ALDR) in a research report sent to investors on Friday morning. The firm issued a buy rating and a $45.00 target price 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,,” the firm’s analyst commented.
A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. started coverage on Alder BioPharmaceuticals in a research note on Tuesday, September 13th. They set an overweight rating and a $40.00 target price for the company. Jefferies Group reissued a buy rating on shares of Alder BioPharmaceuticals in a research note on Tuesday, August 23rd. Finally, Zacks Investment Research raised shares of Alder BioPharmaceuticals from a hold rating to a buy rating and set a $29.00 price target for the company in a research note on Wednesday, July 20th. Seven investment analysts have rated the stock with a buy rating, Alder BioPharmaceuticals presently has a consensus rating of Buy and an average target price of $45.00.
Alder BioPharmaceuticals (NASDAQ:ALDR) opened at 31.08 on Friday. Alder BioPharmaceuticals has a 1-year low of $15.82 and a 1-year high of $39.43. The company’s 50-day moving average is $32.25 and its 200 day moving average is $28.35. The firm’s market capitalization is $1.56 billion.
Alder BioPharmaceuticals (NASDAQ:ALDR) last posted its earnings results on Tuesday, July 26th. The biopharmaceutical company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.75) by $0.04. The company earned $0.11 million during the quarter, compared to analyst estimates of $1.14 million. During the same period last year, the firm posted ($0.46) earnings per share. The business’s quarterly revenue was up 112900.0% compared to the same quarter last year. On average, equities analysts expect 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 firm’s stock in a transaction on Monday, July 25th. The shares were 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 $3,503,485.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Jeffrey T. L. Smith sold 3,000 shares of the firm’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $32.49, for a total transaction of $97,470.00. Following the completion of the transaction, the vice president now directly owns 3,000 shares of the company’s stock, valued at $97,470. The disclosure for this sale can be found here. Insiders own 11.50% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors boosted its position in Alder BioPharmaceuticals by 4.2% in the first quarter. BlackRock Fund Advisors now owns 1,136,823 shares of the biopharmaceutical company’s stock valued at $27,841,000 after buying an additional 45,908 shares in the last quarter. Cormorant Asset Management LLC boosted 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. Wellington Management Group LLP boosted its position in Alder BioPharmaceuticals by 133.2% in the first quarter. Wellington Management Group LLP now owns 3,156,865 shares of the biopharmaceutical company’s stock valued at $77,310,000 after buying an additional 1,803,110 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Alder BioPharmaceuticals by 85.8% in the second quarter. Bank of New York Mellon Corp now owns 197,768 shares of the biopharmaceutical company’s stock valued at $4,938,000 after buying an additional 91,328 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in Alder BioPharmaceuticals by 12.5% in the first quarter. Prudential Financial Inc. now owns 104,100 shares of the biopharmaceutical company’s stock valued at $2,549,000 after buying an additional 11,600 shares in the last quarter.
About Alder BioPharmaceuticals
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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