Stifel cuts Alnylam stock price target to $300 from $345

On Monday, Stifel analysts maintained a Buy rating on Alnylam Pharmaceuticals (NASDAQ:ALNY) stock but reduced the price target to $300 from the previous $345. Despite a 7.7% decline over the past week, the stock has delivered an impressive 80% return over the last year. According to InvestingPro analysis, the stock appears slightly undervalued at current levels. The adjustment followed a meeting with Alnylam executives to discuss the launch of vutrisiran for ATTR-cardiomyopathy, a heart condition.

During the meeting, Alnylam’s Executive Vice President & Chief Commercial Officer Tolga Tanguler, Senior Vice President of Global TTR Commercialization John Kennedy, and Vice President of Investor Relations Christine Lindenboom outlined the rationale behind the drug’s premium pricing. They highlighted the strong outcomes data from a contemporary population study and the advantage of vutrisiran being a Part-B reimbursed medicine.

The Alnylam team expressed confidence in the reimbursement dynamics for the drug and discussed the potential use of value-based agreements as a means to ensure access without affecting the average selling price (ASP) for buy-and-bill transactions. They also conveyed optimism about the drug’s first-line (1L) positioning and its potential to penetrate the cardiomyopathy market, which is seeing increasing diagnosis rates.

However, Alnylam management acknowledged that Pharmacy & Therapeutics (P&T) committee dynamics might slow initial uptake in the second quarter (2Q). They anticipate these issues will be mostly resolved by fall, setting the stage for a robust second half (2H) of the year for the vutrisiran launch.

In other recent news, Alnylam Pharmaceuticals has gained attention with several significant developments. The company received U.S. FDA approval for two treatments: Amvuttra for transthyretin amyloid cardiomyopathy (ATTR-CM) and Qfitlia for hemophilia A or B, marking important advancements in their portfolio. These approvals have led to increased revenue projections, with Qfitlia expected to generate substantial revenue in the U.S. by 2034, and Alnylam set to receive tiered royalties on global sales. Scotiabank (TSX:BNS) and Stifel have both raised their price targets for Alnylam, reflecting optimism about the company’s financial outlook. Scotiabank increased its target to $342, while Stifel raised theirs to $345, citing the FDA’s approval and the company’s premium pricing strategy as positive factors. Redburn-Atlantic initiated coverage with a Buy rating and a $353 price target, highlighting Alnylam’s pioneering role in siRNA therapies. Meanwhile, Bernstein maintains an Outperform rating with a $305 target, despite some skepticism from key opinion leaders regarding the superiority of Alnylam’s treatments over existing options. These developments underscore the company’s expanding influence in the biopharmaceutical sector.

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