H.C. Wainwright raises Alnylam stock target to $500, maintains Buy

Tuesday, H.C. Wainwright analyst Patrick Trucchio increased the price target for Alnylam Pharmaceuticals (NASDAQ:ALNY) stock to $500 from the previous $400, while reiterating a Buy rating. Trucchio emphasized the underappreciated potential of Alnylam’s AMVUTTRA and its successor, nucresiran, in the treatment of transthyretin (TTR) mediated diseases. The price target revision is largely attributed to the inclusion of nucresiran in the firm’s financial model. According to InvestingPro data, analyst targets for ALNY range from $195 to $500, with the stock showing a remarkable 57.91% return over the past year. The company, currently valued at $32.24 billion, appears to be trading slightly above its Fair Value based on comprehensive analysis.

Alnylam Pharmaceuticals, a leader in RNA interference (RNAi) therapies, reported its fourth-quarter earnings on February 13, which aligned with the preliminary figures released on January 12. The company’s management has projected net product revenues for 2025 to be between $2.05 billion and $2.25 billion. These figures are slightly above the consensus of $2.14 billion and closely match H.C. Wainwright’s estimate of $2.23 billion. This guidance is propelled by the anticipated launch of AMVUTTRA for the treatment of ATTR amyloidosis with cardiomyopathy (ATTR-CM). InvestingPro data reveals strong revenue growth of 22.97% in the last twelve months, with a healthy current ratio of 2.78 indicating solid liquidity. Get access to 8 more exclusive ProTips and detailed financial analysis through InvestingPro’s comprehensive research report.

The company is preparing for the commercial launch of AMVUTTRA in ATTR-CM, with a Prescription Drug User Fee Act (PDUFA) date set for March 23. Currently, no advisory committee is expected to review the New Drug Application (NDA) for this product. In addition, Alnylam is progressing with its central nervous system (CNS)-targeted pipeline, which includes mivelsiran for Alzheimer’s disease and partnered ALN-HTT02 for Huntington’s disease. The company maintains a strong gross profit margin of 85.62% and operates with a moderate level of debt, as indicated by InvestingPro analysis.

Phase 3 trials for nucresiran and partnered zilebesiran are scheduled to commence in the first half of 2025. Furthermore, the PDUFA date for partnered fitusiran, targeting antithrombin (AT) in hemophilia A and B, is approaching on March 28.

Alnylam is set to host an R&D Day today, February 25, to discuss advancements in next-generation RNAi technology. During this event, details regarding the Phase 3 trial design for nucresiran and potential strategies concerning the opt-in rights on elebsiran are expected to be revealed. Trucchio’s reaffirmation of the Buy rating reflects a strong outlook for Alnylam’s product pipeline and its strategic positioning in the RNAi therapeutics market.

In other recent news, Alnylam Pharmaceuticals reported a notable performance in its Q4 2024 earnings, surpassing analyst expectations with an EPS of $0.06 against a projected loss of $0.58. The company’s revenue also outperformed forecasts, reaching $593.16 million compared to the anticipated $580.61 million. Alnylam achieved its first full-year non-GAAP operating profit of $95 million, with total global net product revenues growing by 33% to $1.646 billion in 2024. The company is preparing for the potential launch of AMBUTRA in 2025, with a PDUFA date set for March 23, 2025.

Furthermore, Canaccord Genuity maintained a Buy rating on Alnylam Pharmaceuticals and slightly increased the stock’s price target to $385 from $384. The firm’s analysis highlights the potential label expansion of Alnylam’s drug Amvuttra for the treatment of ATTR-CM, a heart condition, and anticipates a possible price reduction as the company aims to enter the broader cardiomyopathy market. The pipeline development is progressing, with a Phase 3 trial for nucresiran, a treatment for hypercholesterolemia, expected to be detailed at Alnylam’s R&D day in February 2025. Additionally, Canaccord Genuity expressed confidence in Alnylam’s strategic direction and upcoming developments, reaffirming its Buy rating.

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