Last week’s new collaboration and license agreement between Alpine Immune Sciences (ALPN) with Adaptimmune (ADAP) essentially replaced the old deal between Kite Pharma and Gilead (GILD), termination of which was announced in a regulatory filing earlier today and is driving Alpine shares lower, Piper Jaffray analyst Edward Tenthoff tells investors in a research note to investors. Tenthoff says he sees this as a win for Alpine, who received $2M upfront and is eligible for an additional $288M in milestones, adding that he is a buyer of Alpine Immune Sciences on today’s weakness ahead of ALPN-101 safety and biomarker data this quarter. Tenthoff maintains an Overweight rating and $11 price target on Alpine Immune Sciences shares.
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