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Investing.com - Cantor Fitzgerald raised its price target on Alnylam Pharmaceuticals (NASDAQ:ALNY) to $290.00 from $250.00 while maintaining a Neutral rating on the stock. The $42 billion biotech company, currently trading near its 52-week high of $333.70, has seen its shares surge over 31% in the past six months. According to InvestingPro data, analysts maintain a consensus Buy rating with price targets ranging from $212 to $500.
The firm’s updated valuation comes as investors focus intensely on Amvuttra performance ahead of second-quarter earnings, scheduled for July 31, with particular attention on the ATTR-CM launch results that will likely influence the company’s outlook for the remainder of the year. With revenue growing at 17.2% and analysts expecting profitability this year, InvestingPro subscribers can access detailed analysis and 10+ additional key insights about Alnylam’s financial health and growth prospects.
According to Cantor Fitzgerald, investor expectations for Amvuttra’s second-quarter ATTR-CM sales center around $100 million, though estimates from buyside conversations range widely from over $50 million to more than $150 million.
The firm’s own investor sentiment survey revealed even broader expectations, with responses ranging from approximately $30 million to $200 million for ATTR-CM sales in the quarter.
Cantor Fitzgerald noted that if Amvuttra exceeds $100 million in ATTR-CM sales this quarter (bringing total Amvuttra sales above $400 million), it would likely prompt full-year expectations to reset closer to $600 million or higher, though some of this potential may already be reflected in the stock price.
In other recent news, Alnylam Pharmaceuticals has garnered attention with its second-quarter earnings, particularly due to strong sales of its Amvuttra treatment. Jefferies reported that Amvuttra sales reached $371 million by the end of June, with $170.2 million attributed to cardiomyopathy sales. JPMorgan revised its U.S. Amvuttra sales estimate for the same quarter, increasing it by approximately 30% to $310 million, reflecting data analysis from April and May. Needham expressed increased optimism about Alnylam’s business prospects, raising its price target to $377.00, while RBC Capital maintained its Outperform rating, citing positive survey data on Amvuttra’s expanded use. The RBC survey indicated that 81% of surveyed cardiologists have already prescribed Amvuttra, highlighting the treatment’s positive reception. Additionally, Alnylam has appointed Pushkal Garg as Executive Vice President, Chief Research and Development Officer, to lead a newly integrated R&D organization. This restructuring follows the launch of Amvuttra for transthyretin amyloidosis with cardiomyopathy (ATTR-CM). Alnylam aims to deliver RNAi therapeutics to all major tissues by 2030, as part of its "Alnylam P5x25" strategy.
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