After meeting with management, Leerink analyst Paul Matteis remains positive on Alder Biopharmaceuticals' stock ahead of Phase 3 PROMISE1 data in Q2. The analyst notes that the shares have recently underperformed due to the emergence of an overhang implied by intellectual property concerns, but his preliminary checks with MEDACorp specialists suggest that Alder Biopharmaceuticals is likely to emerge with broad freedom to operate. Nonetheless, he acknowledges that investors should be ready for what could be a multi-year patent fight. Matteis reiterates an Outperform rating on the shares.