VERA - Alpine Immune Sciences: Track Record Undermines Case For Latest Lead Drug

2024-03-07 15:30:54 ET

Summary

• Alpine Immune Sciences has discarded two drug candidates since joining the Nasdaq in 2027, but its stock price has risen >200% in six months owing to its latest lead candidate.
• Povetacicept has shown promising results in a Phase 2 study for the treatment of IgA nephropathy, with significant reductions in proteinuria and disease-related biomarkers.
• The market potential for povetacicept in the IgA nephropathy indication alone is estimated to be worth billions of dollars, making it a potentially lucrative asset for Alpine.
• There's plenty of competition in the IgAN space, however, including two recently approved drugs and two pipeline assets with the same MoA as povetacicept.
• These assets belong to Vera Therapeutics and Novartis, and it's difficult to pick a winning candidate, albeit Alpine's is the least advanced. As such, I'm not sure the company fully justifies its $2.5bn market cap - I'm on the sidelines until more data is shared.

Brief History Of Alpine To Present Day, Including Recent Bull Run On Kidney Disease Data

Alpine Immune Sciences, Inc. ( ALPN ), headquartered in Seattle, joined the Nasdaq in June 2017, via a merger with failing Cystic Fibrosis drug developer Nivalis Therapeutics....

For further details see: