Alder Biopharmaceuticals assumed with a Buy at Needham. Needham analyst Serge Belanger assumed Alder Biopharmaceuticals with a Buy rating and a price target of $28, saying the company is positioned as a “rare pure-play migraine story”. Belanger cites the positive pivotal phase 3 trial data for its Eptinezumab drug where it met all the endpoints and demonstrated an efficacy profile relative to competitive treatments. The analyst believes that Eptinezumab will appeal to “most severe of migraine patients where it will generate blockbuster-level sales” of over $1B
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