Company

Bank

Analyst

Coverage

Opinion

Wk chg

6/6 cls

Alder Biopharmaceuticals Inc. (NASDAQ:ALDR)

Credit Suisse

Jason Kantor

New

Outperform

46%

$15.72

Leerink Partners

Joseph Schwartz

New

Outperform

Wells Fargo

Brian Abrahams

New

Outperform

Kantor initiated coverage with a $20 target on the potential of Alder's lead product ALD403. Next half, Alder plans to start a Phase IIb trial with ALD403 to treat migraines. Kantor estimates peak worldwide sales of $1.2B for the mAb targeting calcitonin gene-related peptide (CGRP). Alder raised $80M in a May IPO.

Schwartz initiated coverage with a $26 target on the belief that ALD403 could have peak U.S. sales of $1.3B.

Abrahams initiated coverage with a $22-$24 target on the belief that ALD403 and Alder's clazakizumab have blockbuster potential. Clazakizumab, a humanized mAb against IL-6 in Phase IIb testing for rheumatoid arthritis (RA) and Phase II testing for psoriatic arthritis, is partnered with Bristol-Myers Squibb Co. (NYSE:BMY). All three analysts initiated their coverage the day before Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) said it will acquire migraine play Labrys Biologics Inc. (see "Ebb & Flow," A17).