Alpine Immune Sciences downgraded to Equal Weight at Morgan Stanley

Morgan Stanley analyst Michael Ulz downgraded Alpine Immune Sciences (ALPN) to Equal Weight from Overweight with a price target of $65, up from $47, after Alpine agreed to be acquired by Vertex (VRTX) for $65 per share in cash. In addition to announcing the deal, Alpine shared updated 36-week data from the ongoing Phase 1b/2a RUBY-3 study of povetacicept in IgA Nephropathy, or IgAN, that will be presented at the World Congress of Nephrology meeting next Monday and the firm believes the updated data further confirms povetacicept’s potential best-in-class profile in IgAN with a convenient once monthly dosing profile, the analyst tells investors.