Gold prices edge higher on raised Fed rate cut hopes
On Wednesday, RBC Capital Markets reiterated its Outperform rating on Alnylam Pharmaceuticals (NASDAQ:ALNY) stock, maintaining a price target of $310.00. The firm’s analyst highlighted the strength of the company’s research and development, suggesting investors consider buying shares ahead of the upcoming Prescription Drug User Fee Act (PDUFA) date. According to InvestingPro data, Alnylam has demonstrated impressive revenue growth of 23% over the last twelve months, with total revenue reaching $2.25 billion. The company’s stock has delivered a strong 54.5% return over the past year, though current analysis suggests it may be slightly overvalued.
The R&D Day event for Alnylam Pharmaceuticals showcased a robust and diverse pipeline, with significant developments across various drug candidates. The analyst noted that the HELIOS-B study’s long-term data on Amvuttra supports the previously reported substantial reduction in all-cause mortality. Given that the PDUFA date is only four weeks away, the likelihood of an Advisory Committee (AdCom) meeting seems low.
Regarding nucresiran, Alnylam’s decision not to pursue accelerated approval based on biomarkers was seen as having some trade-offs. However, the planned Phase III trial is expected to be well-designed and possibly conservatively powered, given the approximate doubling of the number of participants compared to HELIOS-B.
The company’s zilebesiran drug is set to have Phase II trial results as an add-on to two or more antihypertensive agents in the second half of 2025, which will guide the design of the cardiovascular outcome trial (CVOT). Notably, this CVOT will also include primary prevention patients.
In the central nervous system (CNS) therapeutic area, Alnylam emphasized its differentiated approach to Alzheimer’s disease, which carries a lower risk of amyloid-related imaging abnormalities (ARIA) because it prevents the formation of amyloid-beta rather than removing it. Data for Huntington’s disease (HD), focusing on exon-1 targeting, is expected next year.
Additionally, Alnylam disclosed two new targets for obesity (ACVR1c) and type 2 diabetes (GRB14) at the R&D Day. The analyst expressed increased optimism following the event, pointing to the upcoming launch in a market valued over $6 billion, where 90% of patients are not yet receiving treatment. Furthermore, Alnylam has guided for profitability within this year and boasts a platform that the analyst compares to monoclonal antibodies in the early 2000s in terms of potential.
In other recent news, Alnylam Pharmaceuticals reported a strong performance in its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.06, compared to a forecasted loss of $0.58. The company’s revenue also exceeded projections, reaching $593.16 million against an expected $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. Analysts from Piper Sandler, H.C. Wainwright, and Canaccord Genuity have expressed optimism about Alnylam’s future, with H.C. Wainwright notably raising the stock target to $500, citing the potential of Alnylam’s AMVUTTRA and nucresiran treatments. Alnylam is preparing for the commercial launch of AMVUTTRA for ATTR-CM with a PDUFA date set for March 23, 2025. Additionally, the company is advancing its pipeline, with significant developments expected in its central nervous system-targeted therapies and other clinical programs. Alnylam’s strategic positioning and robust pipeline have led analysts to maintain or upgrade their ratings, reflecting a positive outlook for the company’s continued growth in the RNAi therapeutics market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.