Alnylam stock holds price target and buy rating on promising drug data

On Tuesday, H.C. Wainwright maintained a Buy rating on shares of Alnylam Pharmaceuticals (NASDAQ:ALNY), with a consistent price target of $400.00. This endorsement follows the presentation of additional results from a Phase 1 study of nucresiran, a potential treatment for transthyretin amyloidosis (ATTR), at the American Heart Association Scientific Sessions held on November 17, 2024, in Chicago.

The latest findings from the ongoing study, which involves healthy volunteers, revealed a significant and sustained reduction in serum transthyretin (TTR) levels. Data indicated that a single subcutaneous dose of nucresiran could reduce TTR levels by more than 90% from the baseline, with the effect lasting beyond six months, and greater than 70% at one-year post-dose.

These results suggest the possibility of biannual or even annual dosing regimens for the treatment of ATTR, which includes polyneuropathy (ATTR-PN) and cardiomyopathy (ATTR-CM).

The analyst from H.C. Wainwright expressed a positive outlook on the drug's development trajectory, highlighting the potential for nucresiran to significantly alter the treatment landscape for patients with ATTR. The analyst's confidence is further bolstered by Alnylam's intention to advance nucresiran into a Phase 3 trial for ATTR-CM, with details on the Phase 3 development plans expected to be shared in the first quarter of 2025.

Alnylam's commitment to progressing nucresiran into later-stage trials reflects the company's strategy to address the needs of ATTR patients. The analyst's reiterated Buy rating and price target signal a belief in the therapeutic's promise and Alnylam's capacity to successfully develop and potentially commercialize the treatment.

In other recent news, Alnylam Pharmaceuticals has made significant strides in its operations. The company reported a 34% year-over-year increase in global net product revenue, totaling $420 million, largely driven by its TTR franchise, including treatments like ONPATTRO and AMVUTTRA. In addition, Alnylam has been advancing its pipeline, particularly in treatments for Alzheimer's and Huntington's diseases.

TD Cowen maintained a Buy rating on Alnylam, highlighting promising interim Phase 1b results for the company's drug nucresiran. Conversely, Wolfe Research downgraded Alnylam's stock from Peer Perform to Underperform, citing long-term value concerns particularly around the company's product Amvuttra.

Lastly, Alnylam has ceased the ALN-KHK program for type 2 diabetes but remains open to business development opportunities. These are the recent developments at Alnylam Pharmaceuticals.

InvestingPro Insights

To complement the positive outlook on Alnylam Pharmaceuticals (NASDAQ:ALNY) presented in the article, recent data from InvestingPro offers additional context for investors. Despite the company's promising drug development pipeline, InvestingPro Tips indicate that Alnylam is not currently profitable, with analysts not anticipating profitability this year. This aligns with the company's focus on research and development, which often requires significant investment before realizing commercial success.

However, the market seems to recognize Alnylam's potential, as evidenced by the stock's strong 41.86% return over the past year. The company's revenue growth of 21.54% in the last twelve months also supports the positive sentiment surrounding its drug development efforts, including nucresiran.

It's worth noting that Alnylam operates with a moderate level of debt and its liquid assets exceed short-term obligations, suggesting financial stability as it pursues its clinical trials. For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips that could provide deeper insights into Alnylam's financial health and market position.

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