Leerink Partners analyst Thomas Smith downgraded the rating on Alpine Immune Sciences (ALPN – Research Report) to a Hold today, setting a price target of $65.00.
Thomas Smith has given his Hold rating due to a combination of factors surrounding the acquisition of Alpine Immune Sciences by Vertex Pharmaceuticals. Smith notes that the takeover bid of $65 per share is a fair valuation, aligning with his adjusted price target for Alpine Immune Sciences. The acquisition is seen as a strategic move for Vertex, allowing them to utilize their extensive experience in clinical development and commercialization to enhance the value of Alpine’s leading drug candidate, povetacicept. This drug has significant potential in treating IgA nephropathy and other B-cell mediated autoimmune diseases.
Furthermore, Smith anticipates a smooth regulatory process with minimal risks due to the lack of significant overlap in the companies’ pipeline programs. He expects the deal to be finalized in the second quarter of 2024, as indicated by company guidance. His reassessment to a Hold rating reflects the acquisition’s terms and the belief that the offer from Vertex captures the current value of Alpine Immune Sciences, leaving little room for stock price movement until the completion of the acquisition.
In another report released today, Morgan Stanley also downgraded the stock to a Hold with a $65.00 price target.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ALPN in relation to earlier this year.
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Alpine Immune Sciences (ALPN) Company Description:
Alpine Immune Sciences, Inc. is a development-stage pharmaceutical company, which engages in the discovering of protein-based immunotherapies therapies targeting the immune synapse to treat cancer, autoimmune, and inflammatory disorders. It offers Immunotherapy, Immune Synapse, vIgD Platform Technology, and TIP Program. The company was founded in 2015 and is headquartered in Seattle, WA.
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