1,210,080 Shares in Alder BioPharmaceuticals, Inc. (ALDR) Acquired by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. bought a new stake in Alder BioPharmaceuticals, Inc. (NASDAQ:ALDR) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,210,080 shares of the biopharmaceutical company’s stock, valued at approximately $14,823,000. Pinnacle Associates Ltd. owned 1.79% of Alder BioPharmaceuticals as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quantitative Systematic Strategies LLC purchased a new stake in Alder BioPharmaceuticals during the third quarter valued at $132,000. Legal & General Group Plc boosted its stake in Alder BioPharmaceuticals by 2.6% during the 2nd quarter. Legal & General Group Plc now owns 15,496 shares of the biopharmaceutical company’s stock worth $177,000 after purchasing an additional 400 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Alder BioPharmaceuticals by 109.4% during the 2nd quarter. SG Americas Securities LLC now owns 15,580 shares of the biopharmaceutical company’s stock worth $178,000 after acquiring an additional 8,140 shares during the period. Voya Investment Management LLC raised 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. Finally, Cornerstone Capital Management Holdings LLC. raised its holdings in Alder BioPharmaceuticals by 13.4% in the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 30,520 shares of the biopharmaceutical company’s stock valued at $349,000 after buying an additional 3,616 shares during the period. Hedge funds and other institutional investors own 96.86% of the company’s stock.
In other news, insider Mark James Litton sold 16,520 shares of the stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $12.33, for a total transaction of $203,691.60. Following the completion of the transaction, the insider now directly owns 116,452 shares of the company’s stock, valued at approximately $1,435,853.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.60% of the stock is owned by corporate insiders.
A number of equities research analysts have weighed in on ALDR shares. Mizuho began coverage on Alder BioPharmaceuticals in a research note on Wednesday, September 6th. They set a “buy” rating and a $32.00 price objective for the company. Royal Bank Of Canada began coverage on Alder BioPharmaceuticals in a research note on Thursday, September 14th. They issued an “outperform” rating and a $17.00 target price on the stock. Canaccord Genuity began coverage on Alder BioPharmaceuticals in a research report on Thursday, October 26th. They issued a “buy” rating and a $20.00 price target for the company. BidaskClub raised Alder BioPharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Finally, Credit Suisse Group set a $11.00 price objective on Alder BioPharmaceuticals and gave the stock a “hold” rating in a research report on Thursday, August 24th. Three analysts have rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $28.07.
Shares of Alder BioPharmaceuticals, Inc. (ALDR) opened at $11.00 on Friday. Alder BioPharmaceuticals, Inc. has a 52-week low of $8.60 and a 52-week high of $25.45.
Alder BioPharmaceuticals (NASDAQ:ALDR) last issued its quarterly earnings data on Tuesday, November 7th. The biopharmaceutical company reported ($0.92) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.21) by $0.29. During the same quarter in the prior year, the company earned ($0.70) earnings per share. research analysts predict that Alder BioPharmaceuticals, Inc. will post -5.36 earnings per share for the current fiscal year.
About Alder BioPharmaceuticals
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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