What Made Mizuho Securities Downgrade Alder Biopharmaceuticals’ Stock?
In a report released today, Difei Yang from Mizuho Securities downgraded Alder Biopharmaceuticals (NASDAQ: ALDR) to Hold, with a price target of $29. The company’s shares closed yesterday at $13.40.
“We are downgrading and reducing our price target from $29 to $15 as we see limited catalysts between an anticipated BLA submission in 1Q19 and commercial launch expected in 2020. We believe investors could remain on the sidelines and away from higher risk names given current market conditions/ higher volatility. We also note that Alder will likely have to raise additional capital to execute the commercialization of Eptinezumab, which could add additional downside to the shares depending on market conditions.”
According to TipRanks.com, Yang is a 5-star analyst with an average return of 21.1% and a 49.9% success rate. Yang covers the Healthcare sector, focusing on stocks such as Audentes Therapeutics, Revance Therapeutics, and Nektar Therapeutics.
Currently, the analyst consensus on Alder Biopharmaceuticals is a Strong Buy with an average price target of $25.71.
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The company has a one-year high of $20.87 and a one-year low of $9.55. Currently, Alder Biopharmaceuticals has an average volume of 775.5K.
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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.