Alpine Immune Sciences initiated with an Outperform at RBC Capital

RBC Capital analyst Gregory Renza initiated coverage of Alpine Immune Sciences with an Outperform rating and $19 price target. The autoimmune disease market estimated at over $165B is “meaningful” for the company’s lead candidate, povetacicept, as it could be competitively positioned based on its dual and enhanced targeting of BAFF and APRIL, the analyst tells investors in a research note. The firm is looking forward to the company’s RUBY-3 data update at the American Society of Nephrology meeting on November 2-5, where RBC sees the disclosure of early clinical profile of povetacicept in Ig-Nephropathy as a potential de-risking event for Alpine Immune Sciences, RBC adds.