Canaccord Genuity set a $22.00 price objective on Alder BioPharmaceuticals (NASDAQ:ALDR) in a research note issued to investors on Friday, Marketbeat.com reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.
Several other equities research analysts have also issued reports on the stock. Royal Bank of Canada started coverage on shares of Alder BioPharmaceuticals in a research report on Thursday, September 14th. They set an outperform rating and a $17.00 target price for the company. Mizuho reiterated a buy rating and set a $32.00 target price on shares of Alder BioPharmaceuticals in a research report on Friday, September 15th. ValuEngine lowered shares of Alder BioPharmaceuticals from a sell rating to a strong sell rating in a research report on Wednesday, October 18th. BidaskClub lowered shares of Alder BioPharmaceuticals from a sell rating to a strong sell rating in a research report on Tuesday, December 19th. Finally, BMO Capital Markets reiterated a buy rating and set a $22.00 target price on shares of Alder BioPharmaceuticals in a research report on Wednesday, January 3rd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of Buy and a consensus target price of $27.93.
Shares of Alder BioPharmaceuticals (NASDAQ ALDR) traded down $0.05 during trading on Friday, reaching $17.85. 1,418,400 shares of the company’s stock traded hands, compared to its average volume of 1,260,000. Alder BioPharmaceuticals has a twelve month low of $8.60 and a twelve month high of $25.45. The company has a market capitalization of $1,210.00, a price-to-earnings ratio of -3.32 and a beta of 2.48.
In other news, insider Mark James Litton sold 16,519 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $10.80, for a total value of $178,405.20. Following the completion of the sale, the insider now directly owns 116,451 shares in the company, valued at approximately $1,257,670.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 10.60% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in ALDR. Janus Henderson Group PLC purchased a new position in shares of Alder BioPharmaceuticals in the second quarter worth $36,956,000. Pinnacle Associates Ltd. purchased a new position in shares of Alder BioPharmaceuticals in the third quarter worth $14,823,000. Pictet Asset Management Ltd. increased its stake in shares of Alder BioPharmaceuticals by 159.4% in the third quarter. Pictet Asset Management Ltd. now owns 1,650,540 shares of the biopharmaceutical company’s stock worth $20,219,000 after buying an additional 1,014,290 shares during the period. AXA increased its stake in shares of Alder BioPharmaceuticals by 199.9% in the third quarter. AXA now owns 992,083 shares of the biopharmaceutical company’s stock worth $12,153,000 after buying an additional 661,253 shares during the period. Finally, Schroder Investment Management Group purchased a new position in shares of Alder BioPharmaceuticals in the third quarter worth $6,721,000. Hedge funds and other institutional investors own 96.80% of the company’s stock.
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About Alder BioPharmaceuticals
Alder BioPharmaceuticals, Inc, is a clinical-stage biopharmaceutical company that discovers, develops and seeks to commercialize genetically engineered therapeutic antibodies with the potential to meaningfully transform current treatment paradigms. Alder’s lead pivotal-stage product candidate, eptinezumab, is being evaluated for migraine prevention.
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