Morgan Stanley starts Alder at Sell given crowded migraine market

As previously reported, Morgan Stanley analyst Jeffrey Hung started Alder Biopharmaceuticals with an Underweight rating, noting that the company’s migraine drug will be the fourth to market of the same class. Alder’s drug has a fast onset, but he views efficacy across these drugs as largely similar, Hung tells investors. The consensus estimate of $750M for Alder’s drug by 2025 needs to come down, according to the analyst, who set a $19 price target on the stock.
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