Bernstein maintains Alnylam stock Outperform with $305 target

On Thursday, Bernstein analysts upheld their Outperform rating on Alnylam Pharmaceuticals (NASDAQ:ALNY) with a steady price target of $305.00. The company, currently valued at $34.5 billion, has demonstrated impressive market performance with a 74% return over the past year. According to InvestingPro analysis, the stock is trading near its Fair Value, with analysts setting targets ranging from $206 to $500. The research firm hosted a discussion with Dr. Rodney Falk regarding the approval and launch prospects of Amvuttra for cardiomyopathy. Dr. Falk expressed skepticism about the superiority of vutrisiran or acoramidis over tafamidis, highlighting that pivotal trial data for all three drugs showed similar relative risk reduction for cardiomyopathy with concurrent heart failure (ACM+CVH). He also challenged the belief that acoramidis provides better transthyretin (TTR) stabilization than tafamidis, citing that the data referenced by BridgeBio Pharma (NASDAQ:BBIO) were derived from in vitro studies. Furthermore, Dr. Falk was not convinced by the trend toward benefit shown by vutrisiran on top of background tafamidis treatment, noting the lack of statistical significance. Despite these concerns, InvestingPro data shows Alnylam’s strong financial position, with revenue growing 23% in the last twelve months and a healthy current ratio of 2.78, indicating solid liquidity.

Bernstein’s analysts pointed out that despite intentionally seeking the most bearish key opinion leader (KOL) on the matter, they found no decisive evidence to challenge their positive stance on Alnylam Pharmaceuticals. The firm’s analyst, William Pickering, stated, "We recently hosted Dr. Rodney Falk to discuss the Amvuttra cardiomyopathy approval and launch outlook (replay). Dr. Falk does not believe there is good evidence that vutrisiran or acoramidis are any better than tafamidis. He believes the relative risk reduction data on ACM+CVH for all three drugs’ pivotal trials is similar. He doesn’t believe acoramidis has better TTR stabilization than tafamidis because the BBIO-cited data is in vitro. He also does not believe vutrisiran’s trend toward benefit on top of background taf is convincing given lack of stat-sig. He says nobody in the TTR specialist community thinks otherwise. We intentionally sought out the most bearish KOL we could find... and there’s no smoking gun, far from it actually. We rate ALNY Outperform."

The firm’s confidence in Alnylam remains unshaken as they continue to endorse the stock with a high price target, suggesting a strong conviction in its future performance despite the bearish views presented by Dr. Falk. The reiteration of the Outperform rating reflects Bernstein’s belief in the company’s potential and its therapeutic offerings in the market. InvestingPro subscribers can access 8 additional key insights about Alnylam, including detailed financial health scores and comprehensive analysis in the Pro Research Report, which provides deep-dive analysis of what really matters for investors.

In other recent news, Alnylam Pharmaceuticals has received significant attention following the FDA approval of its drug Amvuttra for the treatment of transthyretin-mediated cardiomyopathy (ATTR-CM). Analysts from RBC Capital, H.C. Wainwright, JPMorgan, Stifel, and Scotiabank (TSX:BNS) have all weighed in with positive assessments, each maintaining or raising their price targets on Alnylam’s stock. RBC Capital has set a target of $330, highlighting the drug’s potential to dominate the second-line market, while H.C. Wainwright has set a $500 target, emphasizing Amvuttra’s promising survival and hospitalization results from the HELIOS-B study. JPMorgan upgraded the stock to Overweight, raising its target to $328, citing a robust demand for Amvuttra in the TTR amyloidosis market.

Stifel maintains a $300 target, supporting Alnylam’s premium pricing strategy for Amvuttra, which will be reimbursed through Medicare Part B. Scotiabank increased its target to $338, noting Amvuttra’s favorable label, which includes mortality benefits and reductions in cardiovascular hospitalizations. The approval of Amvuttra is seen as a pivotal moment for Alnylam, with analysts pointing to its potential to quickly become a dominant therapy in the cardiomyopathy treatment landscape. The company is also expected to benefit from its strategic commercial approach and the ongoing expansion of its product pipeline. These recent developments indicate a positive outlook for Alnylam’s future growth and market presence.

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