- Alder BioPharmaceuticals (ALDR +7.5%) is up on light volume on the heels of a bullish call from Canaccord Genuity (BUY/$20) based on prospects for migraine candidate eptinezumab.
- Canaccord believes the recent selloff is a good buying opportunity because eptinezumab will be a winner despite less-than-expected separation from placebo in the Phase 3 PROMISE 1 study, saying the absolute reduction in migraine days is more important than a placebo-adjusted rate.
- Top-line results from a second Phase 3, PROMISE 2, should be available in H1 2018.
- Eptinezumab is a monoclonal antibody that inhibits calcitonin gene-related peptide (CGR), a protein involved in the transmission of, and heightened sensitivity to, migraine-related pain. It is administered via infusion once every three months.
- Previously: Alder's migraine candidate eptinezumab successful in late-stage study, but separation from placebo not as significant as expected; shares down 25% premarket (June 27)
Canaccord bullish on Alder Bio, sees 82% upside; shares up 8%
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Symbol | Last Price | % Chg |
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ALDR | - | - |
Alder BioPharmaceuticals, Inc. |