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Investing.com - JPMorgan has raised its price target on Alnylam Pharmaceuticals (NASDAQ:ALNY) to $348.00 from $338.00 while maintaining an Overweight rating ahead of the company’s second-quarter earnings report, due July 31. The stock, currently trading at $311.12, has delivered an impressive 32% return year-to-date and sits near its 52-week high of $333.70. According to InvestingPro data, analyst targets for the stock range from $212 to $500.
The adjustment comes as JPMorgan analyst Esther Rajavelu increased the 2025-2029 forecasts for Amvuttra in ATTR-CM, a treatment for transthyretin amyloidosis cardiomyopathy.
JPMorgan has significantly revised its U.S. Amvuttra sales estimate for the second quarter, increasing it by approximately 30% to $310 million from the previous estimate of $240 million.
The updated sales projection follows JPMorgan’s analysis of IQVIA data for April and May, with the new estimate reflecting their most conservative scenario where U.S. sales remain flat in June relative to May.
The analysis assumes IQVIA capture is at the high end of the recent range at 75%, according to the research note from JPMorgan.
In other recent news, Alnylam Pharmaceuticals reported second-quarter Amvuttra sales totaling $371 million, with $108.5 million in June alone. Jefferies maintained its Buy rating on the company, citing strong sales figures, particularly in cardiomyopathy. Needham also raised its price target to $377.00, expressing optimism about Amvuttra’s launch for ATTR-CM and updating its revenue model to reflect this outlook. In addition, RBC Capital maintained its Outperform rating, noting that Amvuttra’s expanded launch is performing well among U.S. cardiologists, with a high prescription rate and minimal payer resistance.
Alnylam has also made a strategic appointment, naming Pushkal Garg, M.D., as Chief Research and Development Officer to lead a newly integrated R&D organization. This move aims to accelerate the company’s pipeline progress. Meanwhile, John Maraganore, former CEO of Alnylam, has joined the board of Axion Bio, a subsidiary of Instil Bio, to advance their cancer therapy program. These developments highlight Alnylam’s ongoing efforts to strengthen its leadership and enhance its product offerings.
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