Alder BioPharmaceuticals (ALDR) : The traders have covered their outstanding shorts in Alder BioPharmaceuticals (ALDR) to the tune of -210,643 shares, a change of -2.5%. As on Jul 29, 2016, the outstanding shorts on the stock were 8,331,906 shares, however, by August 15, 2016, the shorts had reduced to 8,121,263 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 20.2% of the free float of the stock. It takes 18 days to cover the outstanding short positions. The stock has an average daily volume of 445,695 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Alder BioPharmaceuticals (NASDAQ:ALDR): The stock opened at $33.17 on Wednesday but the bulls could not build on the opening and the stock topped out at $36.48 for the day. The stock traded down to $30.70 during the day, due to lack of any buying support eventually closed down at $31.04 with a loss of -6.81% for the day. The stock had closed at $33.31 on the previous day. The total traded volume was 1,443,487 shares.
In a related news,The officer (Sr. VP Translational Medicine) of Alder Biopharmaceuticals Inc, Smith Jeffrey T L sold 3,000 shares at $31.17 on August 15, 2016. The Insider selling transaction had a total value worth of $93,510. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing.
Alder Biopharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company discovers, develops and seeks to commercialize therapeutic antibodies with the potential to meaningfully transform current treatment paradigms. The Company has developed an antibody platform designed to select antibodies that have the potential to maximize efficacy, as well as speed of onset and durability of therapeutic response. The Companys pipeline includes ALD403, Clazakizumab and ALD1613. ALD403 is the Companys monoclonal antibody targeted to calcitonin gene-related peptide (CGRP) for migraine prevention. Clazakizumab is a monoclonal antibody that inhibits the pro-inflammatory cytokine interleukin-6 (IL-6), and is in development for both rheumatoid arthritis (RA) and psoriatic arthritis (PsA). ALD1613 is a monoclonal antibody that inhibits Adrenocorticotropic Hormone (ACTH), and is being developed for the treatment of Cushings disease.