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Investing.com - Wolfe Research upgraded Alnylam Pharmaceuticals (NASDAQ:ALNY) from Underperform to Peerperform on Monday. The stock has shown remarkable momentum, surging 23.71% in the past week and currently trading near its 52-week high at $419.66.
The upgrade comes as the biopharmaceutical company demonstrated better-than-expected patient acquisition capabilities, according to Wolfe Research. According to InvestingPro data, the company maintains strong financial health with a current ratio of 2.8, indicating solid liquidity management.
Despite the rating improvement, the research firm expressed continued concerns about Alnylam’s valuation, noting it trades at nearly 7.0x EV/peak multiple compared to their typical 3.0x assignment for similar companies.
Wolfe Research indicated that despite these valuation concerns, they believe the stock is more likely to trade upward rather than downward in the near term.
The rating change follows Alnylam’s focus on RNA interference therapeutics, though Wolfe Research did not specify which particular treatments drove the improved patient acquisition performance.
In other recent news, Alnylam Pharmaceuticals reported impressive second-quarter earnings, significantly surpassing analyst expectations. The company posted adjusted earnings of $0.32 per share, far exceeding the consensus estimate of a loss of $0.59 per share. Revenue for the quarter was $773.7 million, well above the projected $643.2 million, with total net product revenues increasing by 64% year-over-year to $672.2 million. This growth was largely driven by the strong performance of AMVUTTRA in treating ATTR cardiomyopathy. Additionally, Oppenheimer upgraded Alnylam’s stock rating from Perform to Outperform, citing stronger-than-expected sales of the Amvuttra treatment. Amvuttra alone generated approximately $150 million in its first full quarter of sales, significantly surpassing both Oppenheimer’s estimate of $10 million and the consensus forecast of $17 million. This outperformance was attributed to Alnylam’s ability to secure payer agreements more quickly than anticipated.
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