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On Thursday, H.C. Wainwright reaffirmed its Buy rating and $500.00 price target for Alnylam Pharmaceuticals (NASDAQ:ALNY), representing an 87% upside from the current price of $266.83. According to InvestingPro data, analysts maintain a bullish consensus on the stock, with price targets ranging from $206 to $500. The firm’s analyst, Patrick Trucchio, expressed continued confidence following a follow-up call with Alnylam’s CFO Jeff Poulton on March 24. The discussion covered various topics, including the anticipated launch of AMVUTTRA (vutrisiran) for the treatment of ATTR amyloidosis with cardiomyopathy (ATTR-CM), market dynamics, and the company’s financial outlook.
Trucchio highlighted that the U.S. approval of AMVUTTRA in ATTR-CM is expected to be a significant financial turning point for Alnylam. This is anticipated to not only drive near-term revenue growth but also contribute to the company’s goal of achieving sustainable non-GAAP profitability by 2025. The company has already demonstrated strong revenue growth, with a 23% increase in the last twelve months to $2.25 billion, and InvestingPro analysis indicates net income is expected to grow this year. This aligns with Alnylam’s 5-year strategic plan, known as P5x25, and matches H.C. Wainwright’s projections.
CFO Poulton reiterated during the call that the revenue forecast presented on January 12 includes the potential sales of AMVUTTRA in ATTR-CM. The company’s 2025 revenue guidance is set between $1.60 billion and $1.73 billion, which corresponds with H.C. Wainwright’s estimate of $1.66 billion and is slightly above the consensus estimate of $1.57 billion. Trucchio emphasized that Alnylam’s path to profitability is not reliant on cost-cutting measures but rather stems from continued investments in research and development (R&D) and commercial infrastructure to ensure long-term growth.
The analyst’s reiteration of the Buy rating and $500 price target reflects a belief in the company’s strategic direction and the anticipated success of AMVUTTRA in the treatment of ATTR-CM. Alnylam’s commitment to scaling operations while advancing its product pipeline appears to underpin the positive outlook shared by H.C. Wainwright. The company maintains a strong financial position with a current ratio of 2.78 and operates with moderate debt levels. InvestingPro rates Alnylam’s overall financial health as "GOOD" with particularly strong scores in price momentum. For deeper insights into Alnylam’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Alnylam Pharmaceuticals has announced significant developments that are drawing attention in the investment community. The company received U.S. Food and Drug Administration (FDA) approval for Qfitlia, a treatment for hemophilia A or B, marking the sixth RNA interference (RNAi) therapeutic from Alnylam to gain FDA approval. This approval is expected to contribute substantially to the company’s revenue growth, with Scotiabank (TSX:BNS) estimating Qfitlia’s U.S. sales to reach $578 million by 2034. Additionally, Alnylam will benefit from tiered royalties on global sales, projected to become a significant income stream.
Alnylam also secured FDA approval for vutrisiran, a treatment for transthyretin amyloid cardiomyopathy (ATTR-CM), with analysts from Stifel highlighting the drug’s exclusivity and Medicare Part B reimbursement as factors expected to drive market penetration. Meanwhile, Redburn-Atlantic initiated coverage of Alnylam with a Buy rating, setting a price target of $353, reflecting confidence in the company’s innovative role in siRNA therapies. Stifel analysts, while maintaining a Buy rating, adjusted their price target from $345 to $300, citing discussions with Alnylam executives about the launch of vutrisiran.
Conversely, Scotiabank raised its price target to $342, following the approvals of Amvuttra and Qfitlia, noting that these milestones are pivotal for Alnylam’s financial outlook. These recent developments underscore Alnylam’s advancing portfolio and the anticipated impact on its revenue and growth trajectory.
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