Alder Biopharma Surged 60% Following Phase 2 Results

Shares of Alder Biopharmaceuticals Inc (NASDAQ: ALDR), a clinical-stage biopharmaceutical company, surged higher by nearly 60 percent on Monday.

Alder Biopharmaceuticals announced earlier in the morning positive top-line data from 2 clinical trials which studied its ALD403 product, an antibody product candidate for the treatment of migraine headaches.

Alder Biopharmaceuticals noted that positive top-line data from a Phase 2b study of patients with chronic migraine showed that the therapy acted rapidly and prevented migraine symptions over an entire 12-week study period. In addition, positive Phase 1 data also demonstrated that the pharmacokinetics and pharmacodynamics by intravenous (IV), subcutaneous (SC) or intramuscular (IM) injection of ALD403 support a quarterly single injection dosing strategy.

Alder Biopharmaceuticals added that it's "looking forward" to advancing its development plan for ALD403 and market the product in the U.S., assuming an eventual U.S. Food and Drug Administration (FDA) approval.

Randall C. Schatzman, Ph.D., president and chief executive officer of Alder, commented: "Today's ALD403 Phase 2b data confirm and expand on our previous data demonstrating robust efficacy in migraine prevention in a severely afflicted patient group. Evaluation of ALD403 continues to exhibit a potential best-in-class profile, which includes immediate, significant and durable migraine prevention with infrequent quarterly dosing. Today's data also support our quarterly dosing strategy via a single intravenous, subcutaneous or intramuscular injection."

The stock traded recently at $26.42, up 53.7 percent.