Truist Securities initiates Alnylam Pharmaceuticals stock with Buy rating

Investing.com - Truist Securities initiated coverage on Alnylam Pharmaceuticals (NASDAQ:ALNY), a $41.8 billion market cap biotech company, with a Buy rating and a price target of $385.00 on Monday. The stock currently trades near its 52-week high of $333.70, showing strong momentum with a 36% gain year-to-date.

The research firm cited the strong launch of Amvuttra in TTR-CM as a key near-term value driver for the company, noting that the drug appears to be tracking well ahead of guidance and is expected to significantly beat second-quarter estimates.

Truist’s analysis is based on key opinion leader feedback, survey work, and third-party sales data, which collectively indicate stronger-than-expected performance for the medication.

Despite recent stock strength ahead of earnings, Truist believes Alnylam is a company investors will want to own in the current environment and expects the stock to continue outperforming as the Amvuttra launch progresses.

The firm also highlighted Alnylam’s pipeline, particularly zilebesiran, as potential upside not yet factored into their model, noting it could represent another blockbuster opportunity with de-risking data expected in the second half of 2025.

In other recent news, Alnylam Pharmaceuticals has seen significant developments surrounding its key product, Amvuttra. Cantor Fitzgerald raised its price target for the company to $290, maintaining a Neutral rating, as expectations for Amvuttra’s second-quarter sales vary widely among investors. Meanwhile, JPMorgan increased its price target to $348, citing a revised forecast for Amvuttra sales, which they now estimate at $310 million for the second quarter. Jefferies also reiterated its Buy rating, noting that Amvuttra sales reached $371 million in the second quarter, with $170.2 million attributed to cardiomyopathy sales. Needham expressed increased optimism by raising its price target to $377, reflecting confidence in the Amvuttra launch for ATTR-CM. Furthermore, Alnylam appointed Pushkal Garg as Chief Research and Development Officer, aiming to accelerate pipeline progress through a newly integrated R&D organization. The company continues to focus on its RNA interference therapeutics, with plans to deliver treatments to all major tissues by 2030. These developments underscore Alnylam’s strategic focus and ongoing efforts to enhance its commercial and research capabilities.

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