Market Overview

Alder Biopharma Plummets After Results Of Eptinezumab 1 Phase Trial

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Alder Biopharmaceuticals Inc (NASDAQ: ALDR) shares are trading lower by $3.85 (17 percent) at $14.85 in Tuesday's session.

The catalyst for the decline is the inconclusive results from its Promise 1 Phase 3 trial of Eptinezumab, the company's lead product for migration prevention. Although the trial met primary and secondary endpoints, the Street is worried that several notable parts of the data were concerning, namely the statistical significance for the 100mg dose and against Placebo.

After a much lower open, Alder's stock continued in that direction before finding a bottom at $13.80 and reversing course. That marks the lowest level for the stock since June 4, 2014, when it bottomed at $13.14.

The sharp rebound off the low was capped at $15.90 and the stock is now struggling to remain in the $15.00 handle.

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