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On Friday, Canaccord Genuity analysts raised their price target on Alnylam Pharmaceuticals (NASDAQ:ALNY) shares to $390 from $385, while maintaining a Buy rating on the stock. The $32.8 billion market cap company, which has delivered an impressive 73% return over the past year according to InvestingPro data, received a significant boost following the announcement that the U.S. Food and Drug Administration (FDA) approved Amvuttra for the treatment of ATTR-CM, a condition associated with heart failure.
The approval was highly anticipated, and the label for Amvuttra met expectations by stating that the drug "reduces cardiovascular mortality, cardiovascular hospitalizations, and urgent heart failure visits." Canaccord Genuity analysts noted that the label outcome was the best possible scenario.
In a surprising move, Alnylam Pharmaceuticals has decided to keep the Wholesale Acquisition Cost (WAC) of Amvuttra at approximately $477,000 per year. However, the company plans to offer volume-based rebates that will effectively reduce the net price over time.
The analysts at Canaccord Genuity have updated their financial model for Alnylam to include a higher price for Amvuttra, which is somewhat balanced by reduced penetration assumptions. They believe that the pricing news was a positive surprise and that their original uptake assumptions were conservative. With the new data, they have moderated their uptake expectations further, reinforcing their confidence in maintaining a Buy rating for the stock.
The FDA’s approval of Amvuttra and the company’s pricing strategy are expected to play a crucial role in Alnylam’s market performance. Canaccord Genuity reaffirmed their positive outlook on the stock, emphasizing the conservative nature of their assumptions and the potential for upside in the stock’s valuation.
In other recent news, Alnylam Pharmaceuticals announced the FDA approval of AMVUTTRA, marking it as the first and only FDA-approved therapy for both cardiomyopathy and polyneuropathy manifestations of ATTR amyloidosis. This approval, supported by the HELIOS-B Phase 3 clinical trial, showed a 28% reduction in all-cause mortality and recurrent cardiovascular events. Analysts responded positively, with Canaccord Genuity raising Alnylam’s price target to $390 and maintaining a Buy rating, while Scotiabank (TSX:BNS) increased its target to $338, maintaining a Sector Outperform rating. Alnylam’s co-founder, Dr. Phillip A. Sharp (OTC:SHCAY), announced his retirement from the board effective May 2025, though he will remain on the Scientific Advisory Board. H.C. Wainwright reaffirmed its Buy rating with a $500 price target, highlighting Alnylam’s leadership in RNAi therapeutics and the potential of its pipeline. RBC Capital also reiterated its Outperform rating with a $310 price target, noting the strength of Alnylam’s research and development. The company continues to focus on expanding its treatment offerings, including potential new therapies for Alzheimer’s and Huntington’s diseases. Alnylam is preparing for additional global regulatory submissions for AMVUTTRA and other pipeline products, aiming for market growth into the 2040s.
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