Shares of Alder BioPharmaceuticals, Inc. (NASDAQ:ALDR) rose 17.4% during mid-day trading on Tuesday after BMO Capital Markets raised their price target on the stock to $26.00. BMO Capital Markets currently has an outperform rating on the stock. Alder BioPharmaceuticals traded as high as $16.00 and last traded at $15.20. Approximately 6,900,700 shares changed hands during mid-day trading, an increase of 195% from the average daily volume of 2,342,060 shares. The stock had previously closed at $12.95.
A number of other analysts have also recently issued reports on ALDR. Royal Bank of Canada initiated coverage on shares of Alder BioPharmaceuticals in a research note on Thursday, September 14th. They issued an “outperform” rating and a $17.00 target price for the company. Mizuho reiterated a “buy” rating and issued a $32.00 target price on shares of Alder BioPharmaceuticals in a research note on Friday, September 15th. Cowen initiated coverage on shares of Alder BioPharmaceuticals in a research note on Tuesday, September 26th. They issued an “outperform” rating and a $20.00 target price for the company. ValuEngine raised shares of Alder BioPharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 30th. Finally, Canaccord Genuity initiated coverage on shares of Alder BioPharmaceuticals in a research report on Thursday, October 26th. They issued a “buy” rating and a $20.00 price target on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $27.79.
In related news, insider Mark James Litton sold 16,519 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $10.80, for a total transaction of $178,405.20. Following the transaction, the insider now owns 116,451 shares of the company’s stock, valued at $1,257,670.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 10.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc increased its holdings in Alder BioPharmaceuticals by 2.6% in the 2nd quarter. Legal & General Group Plc now owns 15,496 shares of the biopharmaceutical company’s stock valued at $177,000 after buying an additional 400 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Alder BioPharmaceuticals by 1.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,488 shares of the biopharmaceutical company’s stock valued at $430,000 after buying an additional 698 shares during the period. Voya Investment Management LLC increased its holdings in Alder BioPharmaceuticals by 8.4% in the 2nd quarter. Voya Investment Management LLC now owns 22,304 shares of the biopharmaceutical company’s stock valued at $255,000 after buying an additional 1,734 shares during the period. Russell Investments Group Ltd. increased its holdings in Alder BioPharmaceuticals by 7.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 42,416 shares of the biopharmaceutical company’s stock valued at $486,000 after buying an additional 2,837 shares during the period. Finally, Teachers Advisors LLC increased its holdings in Alder BioPharmaceuticals by 3.8% in the 2nd quarter. Teachers Advisors LLC now owns 84,705 shares of the biopharmaceutical company’s stock valued at $970,000 after buying an additional 3,091 shares during the period. 96.80% of the stock is currently owned by institutional investors and hedge funds.
The stock has a market cap of $1,190.00, a price-to-earnings ratio of -3.27 and a beta of 2.48.
Alder BioPharmaceuticals (NASDAQ:ALDR) last announced its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.92) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.21) by $0.29. During the same quarter in the prior year, the business posted ($0.70) earnings per share. research analysts predict that Alder BioPharmaceuticals, Inc. will post -5.14 earnings per share for the current fiscal year.
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Alder BioPharmaceuticals Company Profile
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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