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Investing.com - Oppenheimer raised its price target on Alnylam Pharmaceuticals (NASDAQ:ALNY) to $500.00 from $490.00 on Friday, maintaining an Outperform rating following strong Amvuttra sales. The stock currently trades at $449.56, having delivered an impressive 91.05% return year-to-date and sitting just 0.91% below its 52-week high of $495.55, according to InvestingPro data.
Alnylam reported Amvuttra global revenue of $685 million, representing 135% year-over-year growth and 33% quarter-over-quarter growth, slightly below Oppenheimer’s $690 million estimate but significantly exceeding the Street’s expectation of $622 million.
The company’s total revenue reached $1.25 billion, boosted by a $300 million milestone payment from partner Roche, prompting Alnylam to raise its full-year TTR franchise guidance by $275 million at the midpoint. While Alnylam isn’t currently profitable, with a loss of $2.46 per share over the last twelve months, analysts forecast the company will turn profitable this fiscal year with EPS of $3.88.
Amvuttra’s launch in ATTR cardiomyopathy continues to gain momentum, with sales in this indication reaching approximately $300 million, doubling from the previous quarter due to broad U.S. health system adoption and minimal payer resistance.
Oppenheimer forecasts 2026 Amvuttra sales to reach $5.0 billion as first-line market share grows and contributions from European and Japanese markets become more significant, while noting that recent stock weakness may be related to a disclosed subpoena regarding government price reporting, which the firm believes is resolvable without material impact. InvestingPro analysis suggests Alnylam is currently overvalued based on its proprietary Fair Value model, despite the company’s strong financial health score and impressive 68.63% return over the past year. For deeper insights including 13 ProTips and comprehensive valuation metrics, check out Alnylam’s Pro Research Report, available with an InvestingPro subscription.
In other recent news, Alnylam Pharmaceuticals reported impressive third-quarter results, significantly surpassing analyst expectations. The company posted adjusted earnings of $2.90 per share, well above the anticipated $0.52, and achieved revenue of $1.25 billion, exceeding the projected $946.73 million. Total net product revenues rose 103% year-over-year to $851 million, largely driven by the TTR franchise, which saw a 135% increase to $724 million. Specifically, Amvuttra sales contributed approximately $685 million, with transthyretin amyloid cardiomyopathy (ATTR-CM) accounting for around $300 million of this figure.
Following these results, Raymond James raised its price target for Alnylam Pharmaceuticals to $472.00 from $424.00, maintaining an Outperform rating. Despite the strong quarterly performance and increased guidance, the company’s shares experienced a 4.2% decline. These developments highlight the company’s robust growth and the positive reception from analysts, despite the unexpected market reaction.
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