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ALDR > down 23%...Alder's migraine drug data disappoints, shares tumble

https://www.reuters.com/article/us-alder-migraine-idUSKBN19I19I

Alder BioPharmaceuticals Inc's late-stage study data on its experimental treatment to prevent episodic migraine fell short of investors' expectation, sending its shares down about 23 percent in premarket trading on Tuesday.

Patients receiving a 300 mg quarterly dose of the company's drug, eptinezumab, through infusion, experienced a reduction of 4.3 days from baseline in monthly migraine attacks, while those on the 100 mg saw a reduction of 3.9 days.

This compared with the average 3.2-day reduction for patients on placebo.

Leerink Partners analyst Paul Matteis said the mean reduction looked slightly numerically lower than other late-stage calcitonin gene-related peptide (CGRP) trials, highlighting the larger placebo rate for the intravenous.

The study data was statistically significant and met the main goal, Alder said.