Needham Keeps a Buy Rating on Alnylam Pharma (ALNY)


In a report released today, Alan Carr from Needham maintained a Buy rating on Alnylam Pharma (NASDAQ: ALNY), with a price target of $152. The company’s shares closed on Friday at $97.38.

Carr observed:

“Alnylam and the FDA announced Friday the approval of Onpattro for the treatment of polyneuropathy caused by hATTR. Mgmt guided for drug to be available today. WAC price is $450,000/yr and mgmt estimates average net price $345,000/yr. Because the label is focused on polyneuropathy, we assume penetration of the PN (only polyneuropathy symptoms) and Mixed (both cardiomyopathy and polyneuropathy symptoms) subsets, but not the cardiomyopathy subset of the hATTR patient population. Nevertheless, given the impressive efficacy seen in the Phase 3 APOLLO trial, we expect the drug to be an attractive and competitive option for PN +Mixed patients. Reiterate BUY. Our enthusiasm for the stock is still primarily driven by the RNAi platform, which we expect to produce several more differentiated drugs going forward.”

According to TipRanks.com, Carr is a 3-star analyst with an average return of 3.5% and a 42.2% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Rhythm Pharmaceuticals Inc, and Lexicon Pharmaceuticals.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Alnylam Pharma with a $147.18 average price target, representing a 51.1% upside. In a report issued on August 7, Stifel Nicolaus also initiated coverage with a Buy rating on the stock with a $125 price target.

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Based on Alnylam Pharma’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $164 million. In comparison, last year the company had a GAAP net loss of $118 million.

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Alnylam Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the discovery, development and commercialization of RNAi therapeutics. It is the translation of RNAi as a new class of innovative medicines with a core focus on RNAi therapeutics for the treatment of genetically defined diseases.

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