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Fly News Breaks for February 24, 2016
ALDR
Feb 24, 2016 | 07:47 EDT
Leerink analyst Joseph Schwartz lowered his price target for Alder Biopharmaceuticals to $41 following the company's Q4 results. The Phase 2b infusion dose-ranging chronic migraine trial is on track to generate data later in Q1, Schwartz tells investors in a research note. His lowered target reflects the market's reduced multiples and higher spending going forward. Schwartz keeps an Outperform rating on the name.
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