On Thursday, Wolfe Research began coverage on shares of Alpine Immune Sciences (NASDAQ:ALPN), assigning an Outperform rating to the biotechnology company. The research firm anticipates a year filled with significant developments for Alpine Immune Sciences, highlighting the potential of its pivotal candidate, povetacicept.
The firm's conviction in the stock is bolstered by what it sees as a "de-risked mechanism and superior clinical profile" of the company's treatments. Wolfe Research expects pivotal readouts for povetacicept, including longer-term data on the low-dose and an initial look at high-dose data, which are likely to be released around March or April 2024. The firm suggests there is an 85% or higher probability of success (POS) for these upcoming data releases.
Alpine Immune Sciences focuses on the development of innovative treatments for autoimmune and inflammatory diseases and cancer. Povetacicept is a key asset in their pipeline, and the forthcoming data is highly anticipated by both the company and its investors.
The Outperform rating is indicative of Wolfe Research's positive outlook on the stock, reflecting their expectation that Alpine Immune Sciences will perform better than the overall market or its sector in the foreseeable future. The upcoming data readouts are seen as catalysts that could potentially enhance the company's stock value.
Alpine Immune Sciences has not publicly responded to Wolfe Research's coverage initiation and rating at this time. Investors and market watchers will be closely monitoring the company's progress and updates as the expected data release window approaches.
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