“Sell-off of Alder Biopharmaceuticals Inc (NASDAQ:ALDR) shares is mostly unwarranted,” Needham analyst Danielle Brill said as he maintains his Buy rating on ALDR with a $36 price target.

Alder shares were hit hard today (-28%) after releasing pivotal phase 3 PROMISE-1 data from its late-stage migraine prevention drug, eptinezumab.

Brill positively viewed eptinezumab’s results noting, “PROMISE-1 data were in line with our expectations demonstrating significant improvements over placebo in primary and key secondary efficacy endpoints. We believe the data also showed important differentiating features of eptinezumab including rapid onset (53.6% reduction in migraines 1-day post dose) and magnitude of effect (20.6% migraine free each month). In our view, the concerns from investors resulting in the sell-off of ALDR shares (differentiation, status of selfadmin form, partnering/financing overhang) are mostly unwarranted. We believe PROMISE-1 data highlight distinguishing features and support our projections for eptinezumab in the migraine prevention market (~15% share; ~$1B peak sales).”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Danielle Brill has a yearly average return of 7.6% and a 80% success rate. Brill is ranked #2424 out of 4596 analysts.

Out of the 7 analysts polled by TipRanks (in the past 3 months), 6 rate Alder stock a Buy, while 1 rates the stock a Sell. With a return potential of 148%, the stock’s consensus target price stands at $33.43.