While Alpine Immune Sciences shareholders are down 51% for the year, the market itself is up 9.0%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. With the stock flat over the last three months, the market now seems fairly ambivalent about the business. Given the relatively short history of this stock, we'd remain pretty wary until we see some strong business performance. It's always interesting to track share price performance over the longer term. But to understand Alpine Immune Sciences better, we need to consider many other factors. Consider for instance, the ever-present spectre of investment risk. We've identified 6 warning signs with Alpine Immune Sciences (at least 2 which are concerning), and understanding them should be part of your investment process.