Shares of Alder Biopharmaceuticals (ALDR) are sliding after Allergan (AGN) announced “positive” results from CGP-MD-01, a Phase 2b/3 clinical trial evaluating the company’s oral migraine drug. Alder is developing eptinezumab for the treatment of migraine.
‘POSITIVE’ RESULTS FROM MIGRAINE STUDY: Allergan announced “positive” results from CGP-MD-01, a Phase 2b/3 clinical trial evaluating the efficacy, safety, and tolerability of orally administered atogepant. All active treatment arms of atogepant met the primary endpoint across all doses and dose regimens, with a statistically significant reduction from baseline in monthly migraine/probable migraine headache days in patients with episodic migraine treated with atogepant compared with placebo for 12 weeks. Atogepant is Allergan’s second orally-administered investigational calcitonin gene-related peptide receptor antagonist in development for migraine prevention. Atogepant follows ubrogepant, Allergan’s first oral investigational CGRP antagonist for the acute treatment of migraine, which reported two positive Phase 3 pivotal trial results earlier this year. Allergan will continue with its phase 3 program for atogepant following discussions with regulatory authorities.
WHAT’S NOTABLE: This morning, Mizuho analyst Irina Koffler raised her price target for Allergan to $176 from $150, citing stronger Botox expectations in both migraine and cosmetic indications. Further, the analyst pointed out that she views recent investor activism as a positive. She reiterated a Neutral rating on Allergan shares.
PRICE ACTION: In morning trading, shares of Alder have dropped over 3.6% to $16.42. Also developing a drug for the treatment of migraine, Biohaven Pharmaceutical (BHVN) is fractionally lower to $35.56.
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