Piper Jaffray bullish on Alpine after 'robust' ALPN-202 preclinical activity
Piper Jaffray analyst Edward Tenthoff notes that Alpine Immune Sciences presented two posters at SITC for immuno-oncology variable Immunoglobulin Domain candidates. The analyst points out that new preclinical data on ALPN-202, which co-engages PD-L1 and CTLA-4 to selectively stimulates CD28 on T-cells, demonstrated "robust" anti-tumor activity in vivo compared to single agent anti-PD-1 durvalumab. He believes SITC data indicated vIgDs unique co-engagement at the synpase generates superior anti-tumor activity, and says Alpine will file an IND on lead autoimmune vIgD ALPN-101 by year-end 2018 and could prove superior to Orencia with preclinical data at ASH. Tenthoff reiterates an Overweight rating and $12 price target on the shares.