Alder BioPharmaceuticals Inc. (ALDR) Downgraded to Hold at Zacks Investment Research
Alder BioPharmaceuticals Inc. (NASDAQ:ALDR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Alder Biopharmaceuticals Inc. is a clinical-stage biopharmaceutical company. It discovers, develops and seeks to commercialize therapeutic antibodies. It is developing monoclonal antibodies comprising ALD403, for the prevention of migraine; and Clazakizumab, in the treatment of rheumatoid arthritis and psoriatic arthritis. Alder Biopharmaceuticals Inc. is headquartered in Bothell, Washington. “
Other equities research analysts have also recently issued research reports about the stock. Jefferies Group reiterated a “buy” rating and set a $62.00 price target on shares of Alder BioPharmaceuticals in a research report on Wednesday, September 28th. Brean Capital started coverage on shares of Alder BioPharmaceuticals in a research report on Friday, September 30th. They set a “buy” rating and a $45.00 price target for the company. Finally, JPMorgan Chase & Co. started coverage on shares of Alder BioPharmaceuticals in a research report on Tuesday, September 13th. They set an “overweight” rating and a $40.00 price target for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $45.00.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/13/alder-biopharmaceuticals-inc-aldr-downgraded-to-hold-at-zacks-investment-research.html
Alder BioPharmaceuticals (NASDAQ:ALDR) traded down 0.95% during midday trading on Thursday, reaching $28.18. 652,223 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $32.08 and its 200 day moving average is $28.74. The stock’s market cap is $1.41 billion. Alder BioPharmaceuticals has a 1-year low of $15.82 and a 1-year high of $39.43.
Alder BioPharmaceuticals (NASDAQ:ALDR) last posted its quarterly earnings data on Tuesday, July 26th. The biopharmaceutical company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.75) by $0.04. The business had revenue of $0.11 million for the quarter, compared to analysts’ expectations of $1.14 million. The company’s quarterly revenue was up 112900.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.46) EPS. Equities analysts anticipate that Alder BioPharmaceuticals will post ($3.33) earnings per share for the current fiscal year.
In other news, insider John A. Latham sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $31.32, for a total transaction of $313,200.00. Following the completion of the sale, the insider now owns 252,200 shares of the company’s stock, valued at approximately $7,898,904. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jeffrey T. L. Smith sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $32.49, for a total transaction of $97,470.00. Following the sale, the vice president now directly owns 3,000 shares of the company’s stock, valued at approximately $97,470. The disclosure for this sale can be found here. Company insiders own 11.50% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. BlackRock Fund Advisors increased its stake in shares of Alder BioPharmaceuticals by 4.2% in the first quarter. BlackRock Fund Advisors now owns 1,136,823 shares of the biopharmaceutical company’s stock valued at $27,841,000 after buying an additional 45,908 shares during the period. Cormorant Asset Management LLC increased its stake in shares of Alder BioPharmaceuticals by 97.7% in the first quarter. Cormorant Asset Management LLC now owns 1,497,475 shares of the biopharmaceutical company’s stock valued at $36,673,000 after buying an additional 740,000 shares during the period. Wellington Management Group LLP increased its stake in shares of Alder BioPharmaceuticals by 133.2% in the first quarter. Wellington Management Group LLP now owns 3,156,865 shares of the biopharmaceutical company’s stock valued at $77,310,000 after buying an additional 1,803,110 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Alder BioPharmaceuticals by 85.8% in the second quarter. Bank of New York Mellon Corp now owns 197,768 shares of the biopharmaceutical company’s stock valued at $4,938,000 after buying an additional 91,328 shares during the period. Finally, Prudential Financial Inc. increased its stake in shares of Alder BioPharmaceuticals by 12.5% in the first quarter. Prudential Financial Inc. now owns 104,100 shares of the biopharmaceutical company’s stock valued at $2,549,000 after buying an additional 11,600 shares during the period.
About Alder BioPharmaceuticals
Alder Biopharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company discovers, develops and focuses to commercialize therapeutic antibodies with the potential to transform current treatment paradigms. The Company has developed an antibody platform designed to select antibodies that have the potential to maximize efficacy, as well as speed of onset and durability of therapeutic response.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Alder BioPharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alder BioPharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.