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Investing.com - Raymond (NSE:RYMD) James has assumed coverage on Alnylam Pharmaceuticals (NASDAQ:ALNY) with an Outperform rating and a price target of $370.00. The stock, currently trading near its 52-week high at $330.55, has demonstrated strong momentum with a 38% gain year-to-date. According to InvestingPro data, five analysts have recently revised their earnings estimates upward.
The research firm cited growing expectations for the launch of Amvuttra in ATTR-CM, suggesting that a strong launch is likely for the RNA-based therapeutic.
Raymond James believes Amvuttra is well-positioned for broad uptake as a first-line treatment option or as a switch/add-on therapy for patients currently on TTR-stabilizer therapy.
The firm also highlighted Alnylam’s pipeline, describing it as offering "an attractive long-term risk/reward skew" based on the company’s leading RNA medicines platform.
Alnylam Pharmaceuticals specializes in RNA interference therapeutics, with Amvuttra representing one of its key products targeting transthyretin-mediated amyloidosis cardiomyopathy (ATTR-CM). The $42.87B market cap company is scheduled to report earnings in two days, with analysts projecting profitability this year.
In other recent news, Alnylam Pharmaceuticals has garnered significant attention from analysts and investors alike due to its promising performance in the second quarter. The company reported Amvuttra sales reaching $371 million by the end of June, according to Jefferies, which reiterated its Buy rating with a price target of $384.00. Needham also expressed optimism, raising its price target to $377.00 following a positive meeting with the company, while maintaining a Buy rating. JPMorgan adjusted its price target to $348.00, citing increased forecasts for Amvuttra in ATTR-CM from 2025 to 2029.
Cantor Fitzgerald raised its price target to $290.00, maintaining a Neutral rating, as they focus on Amvuttra’s performance ahead of the second-quarter earnings report. Truist Securities initiated coverage with a Buy rating and a price target of $385.00, emphasizing the strong launch of Amvuttra in TTR-CM. The analyst firms highlight the importance of Amvuttra’s performance in shaping Alnylam’s outlook for the rest of the year. These developments reflect a positive sentiment around Alnylam’s business prospects, particularly concerning Amvuttra’s market impact.
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