Aegis Capital reiterated a ‘Buy’ rating and price target of $41 on shares of Alder BioPharmaceuticals, Inc. (NASDAQ: ALDR) following the company’s recent report that eptinezumab met the primary and key secondary endpoints in PROMISE 1, a phase 3 pivotal clinical trial evaluating patients with frequent episodic migraine. The analyst noted that this positive news pushes the company one step closer to FDA approval for eptinezumab. Additionally, an upcoming catalyst for the company is the PROMISE 2 data expected in the first half of 2018.
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About Alder BioPharmaceuticals
Alder BioPharmaceuticals, Inc. is a clinical-stage biopharmaceutical company committed to transforming the treatment paradigm for patients with migraine and other serious neurological or inflammatory conditions. Leveraging its pioneering monoclonal antibody technologies, Alder discovers and develops novel therapeutic antibodies designed to deliver highly differentiated, best-in-class clinical profiles. Alder’s lead pivotal-stage product candidate, eptinezumab, is being evaluated for migraine prevention. Eptinezumab is a monoclonal antibody administered quarterly via infusion that allows for 100% of the dose available to selectively and potently inhibit the calcitonin gene-related peptide (CGRP), a protein that is active in mediating the initiation of migraine. Alder is additionally evaluating ALD1910, a preclinical product candidate also in development as a migraine prevention therapy. ALD1910 is a monoclonal antibody that inhibits pituitary adenylate cyclase-activating polypeptide-38 (PACAP-38), another protein that is active in mediating the initiation of migraine. Clazakizumab, Alder’s third program, is a monoclonal antibody candidate that inhibits interleukin-6 and is licensed to Vitaeris, Inc.
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