After Canaccord Genuity and RBC Capital gave Alder Biopharmaceuticals (NASDAQ: ALDR) a Buy rating last month, the company received another Buy, this time from Mizuho Securities. Analyst Difei Yang maintained a Buy rating on Alder Biopharmaceuticals today and set a price target of $29. The company’s shares closed yesterday at $16.20.
Yang observed:
“Incoming CEO We spoke with incoming President and CEO Robert W. Azelby yesterday evening. We believe Alder is likely to stay the course and continue to progress towards the commercialization of Eptinezumab (BLA filing expected in 1Q19). We don’t anticipate any drastic changes during the CEO transition in the coming months.”
According to TipRanks.com, Yang is a 5-star analyst with an average return of 20.9% and a 54.8% success rate. Yang covers the Healthcare sector, focusing on stocks such as Nightstar Therapeutics Limited, Audentes Therapeutics, and Revance Therapeutics.
Currently, the analyst consensus on Alder Biopharmaceuticals is Strong Buy and the average price target is $22.83, representing a 40.9% upside.
In a report issued on May 31, RBC Capital also maintained a Buy rating on the stock with a $24 price target.
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Based on Alder Biopharmaceuticals’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $87.03 million. In comparison, last year the company had a GAAP net loss of $100 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.
