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Wedbush analysts see an attractive entry point for Alpine Immune Sciences Inc. (NASDAQ:ALPN), as the biotech's initial candidates will enter the clinic over the next year.
The Analyst
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Robert Driscoll of Wedbush initiated coverage on Apline with an Outperform rating and $13 price target.
The Thesis
Alpine’s “directed evolution” approach to multifunctional protein-based therapeutics could modulate immune synapse better than conventional immunotherapeutics for treatment of cancer and autoimmune or inflammatory diseases, Driscoll said in a note. (See the analyst's track record here.)
The company's variable immunoglobin domain platform uses directed evolution to create novel therapeutics and could have a broad utility across therapeutic modalities, the analyst said.
Alpine's ALPN-101 is expected to enter the clinic in the fourth quarter, Driscoll said.
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“ALPN-101 has demonstrated compelling preclinical activity in multiple models of inflammation and autoimmune disease."
Another key asset is the ALPN-202 immuno-oncology program, which could prove to be a strong competitor, the analyst said.
“We see the targeting of multiple pathways with a single molecule as providing significant advantages over other I-O combination approaches in development, including selectivity, convenience and cost.”
Price Action
Alpine shares were rallying nearly 10 percent to $9.69 at the time of publication Friday afternoon.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.