Alder Biopharmaceuticals (ALDR) Received its Third Buy in a Row


After Piper Jaffray and RBC Capital gave Alder Biopharmaceuticals (NASDAQ: ALDR) a Buy rating last month, the company received another Buy, this time from Canaccord Genuity. Analyst Sumant Kulkarni reiterated a Buy rating on Alder Biopharmaceuticals yesterday and set a price target of $22. The company’s shares closed yesterday at $19.40, close to its 52-week high of $20.87.

According to TipRanks.com, Kulkarni is a 2-star analyst with an average return of 2.0% and a 41.9% success rate. Kulkarni covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Intra-Cellular Therapies, and Voyager Therapeutics Inc.

Alder Biopharmaceuticals has an analyst consensus of Strong Buy, with a price target consensus of $26.17, a 34.9% upside from current levels. In a report issued on August 6, Piper Jaffray also initiated coverage with a Buy rating on the stock with a $28 price target.

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Based on Alder Biopharmaceuticals’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $68.39 million. In comparison, last year the company had a GAAP net loss of $74.63 million.

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Alder Biopharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical company, which discovers, develops, and commercializes various therapeutic antibodies. Its product portfolio includes ALD1910, a preclinical product candidate also in development as a migraine prevention therapy.

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