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On Monday, H.C. Wainwright reaffirmed its Buy rating and $500.00 price target for Alnylam Pharmaceuticals (NASDAQ:ALNY) shares, representing a significant upside from the current trading price of $246.75. The endorsement follows the company’s recent Research and Development Day in New York on February 25, which left analysts with a stronger conviction in Alnylam’s RNA interference (RNAi) pipeline. According to InvestingPro data, the stock has delivered a strong 61.7% return over the past year, though it currently trades slightly above its Fair Value.
The firm’s analyst highlighted Alnylam’s leadership in the treatment of ATTR amyloidosis, particularly with AMVUTTRA (vutrisiran) leading the way and the next-generation nucresiran expected to set a new standard in transthyretin (TTR) knockdown. With current annual revenues of $2.25 billion and impressive revenue growth of 23% year-over-year, Alnylam’s strategy aims for market growth into the 2040s with a franchise that could potentially generate over $20 billion in peak annual revenues, contingent upon regulatory approval.
The upcoming Phase 3 TRITON trials for nucresiran are particularly significant, as they will be crucial in establishing the therapy’s position in the market. The analyst predicts that nucresiran could become the preferred RNAi silencer due to its profound and lasting efficacy, combined with the convenience of biannual dosing, and anticipates potential approval around 2030.
Alnylam’s expansion into neurology and metabolic diseases was also underscored, with innovative treatments like mivelsiran for Alzheimer’s Disease (AD) and cerebral amyloid angiopathy (CAA), and ALN-HTT02 for Huntington’s disease (HD), which may offer best-in-class exon 1 targeting. Additionally, zilebesiran is poised to potentially transform hypertension management with its biannual dosing, aiming to become a cardiovascular drug with more than $1 billion in annual revenue potential.
The analyst concluded by emphasizing Alnylam’s strong late-stage pipeline and consistent track record of execution, which positions the company at the forefront of RNAi therapeutics development, with the potential to achieve blockbuster success across multiple indications. The company maintains a healthy financial position with a current ratio of 2.78 and an outstanding gross profit margin of 85.6%. For deeper insights into Alnylam’s financial health and growth prospects, including 8 additional exclusive ProTips, check out the comprehensive research report available on InvestingPro.
In other recent news, Alnylam Pharmaceuticals reported a strong performance in its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.06 against a forecasted loss of $0.58. The company’s revenue also exceeded projections, reaching $593.16 million compared to the expected $580.61 million. Analysts at H.C. Wainwright raised their price target for Alnylam to $500, maintaining a Buy rating, highlighting the potential of Alnylam’s AMVUTTRA and nucresiran in treating transthyretin-mediated diseases. Piper Sandler also maintained confidence in Alnylam, keeping an Overweight rating and a $304 price target, citing expected approval of AMVUTTRA for ATTR-CM by March 2025. RBC Capital Markets reiterated an Outperform rating with a $310 target, noting the strength of Alnylam’s research and development. Canaccord Genuity slightly increased their price target to $385, maintaining a Buy rating, and pointed to the company’s pipeline progress, particularly the upcoming Phase 3 trial for nucresiran. Alnylam projects net product revenue between $2.05 billion and $2.25 billion for 2025, with anticipated launches and a continued focus on its RNAi pipeline.
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