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Citi has reiterated its Neutral rating on shares of Alnylam Pharmaceuticals (NASDAQ:ALNY), with a consistent price target of $275.00.
The firm's focus is on the upcoming events for Alnylam, which include the sharing of additional data at the Heart Failure Society of America meeting scheduled for September 27-30, 2024, in Atlanta.
The data will provide further exploratory analyses relevant to the company's developments.
Alnylam is also preparing for its TTR investor day on October 9, 2024. This event is expected to shed light on the commercial landscape and strategy for vutrisiran in cardiomyopathy (CM). These insights will be particularly valuable for investors and stakeholders interested in the company's market approach to its product.
The company is progressing according to its timeline, with plans to submit a supplemental New Drug Application (sNDA) by the end of 2024. If Alnylam's submission is reviewed within a six-month period, it would potentially lead to an approval and product launch in mid-2025. This timeline is crucial for the company as it moves forward with its regulatory and commercial strategies.
Alnylam's steady progress towards the sNDA submission indicates its commitment to advancing its product pipeline. The planned submission is a significant step in bringing vutrisiran to the market, provided it passes the regulatory review process.
In other recent news, Alnylam Pharmaceuticals has been the spotlight of positive analyst projections following encouraging data from the HELIOS-B study. BMO Capital and Stifel maintained their Outperform and Buy ratings respectively, highlighting the potential of the firm's Amvuttra treatment. The data from the study demonstrated a significant separation between the Amvuttra/placebo ATTR-CM curves, suggesting a robust commercial opportunity for Alnylam.
Furthermore, Alnylam reported positive results from its HELIOS-B Phase 3 study of vutrisiran, a drug aimed at patients with ATTR amyloidosis with cardiomyopathy. The study met all primary and secondary endpoints, reinforcing vutrisiran's potential as a standard care for this fatal condition. This development is part of the company's recent strides in the pharmaceutical industry.
On the financial front, Alnylam's second-quarter earnings report surpassed expectations in both revenue and profit, primarily due to the growth of its TTR franchise and a milestone payment from a licensing agreement with Regeneron (NASDAQ:REGN). The company updated its 2024 revenue guidance, now expecting product revenues to reach between $1.575 billion and $1.65 billion.
RBC Capital also maintained its Outperform rating on Alnylam, despite a significant rise in the company's market capitalization. Goldman Sachs upgraded the stock from Neutral to Buy, reflecting confidence in the potential market success of vutrisiran.
InvestingPro Insights
As Alnylam Pharmaceuticals (NASDAQ:ALNY) approaches key dates in its development calendar, insights from InvestingPro provide a data-driven perspective on the company's performance and market position. Alnylam's market capitalization stands at a robust $33.72 billion, reflecting significant investor confidence. Despite the lack of profitability in the last twelve months, with a P/E ratio of -447.12, analysts have revised their earnings upwards for the upcoming period, indicating potential optimism about the company's future performance.
InvestingPro data also highlights Alnylam's substantial gross profit margins of 87.0% for the last twelve months as of Q2 2024, underscoring the company's efficiency in maintaining profitability at the gross level. Additionally, the company has experienced a remarkable revenue growth of 89.46% during the same period, suggesting a strong upward trajectory in its financial performance. These financial metrics, combined with the fact that Alnylam's liquid assets exceed its short-term obligations, suggest a solid foundation as the company prepares for the upcoming regulatory and commercial milestones.
For investors seeking more comprehensive analysis, InvestingPro offers additional insights, including a total of 13 InvestingPro Tips for Alnylam, which can be accessed for further in-depth analysis and investment considerations.
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