Alpine Is A Buy Ahead Of Clinical Trials, Wedbush Says In Positive Initiation

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

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. 

“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. 

Related Links:

Jounce Therapeutics Stock Slides On Disappointing Data, Wells Fargo Downgrades

Zoetis To Buy Abaxis In $2B Deal