In a report released today, Alan Carr from Needham reiterated a Buy rating on Alnylam Pharma (NASDAQ: ALNY), with a price target of $68. The company’s shares opened today at $66.93.
Carr said:
“We hosted a call with Dr. Janice Wiesman of NYU and Boston University. Alnylam is testing patisiran in a Phase 3 trial (APOLLO) for ATTR Amyloidosis with Polyneuropathy. Top-line results are expected Sept 2017. Competitor Ionis announced positive efficacy results from Phase 3 trial of inotersen in same indication yesterday. We view outcome as additional validation of target/ therapeutic strategy and are more confident in a positive outcome for APOLLO trial. Dr. Wiesman was impressed by inotersen efficacy results and positively surprised by disclosed safety profile given substantial concerns leading into announcement. She is pleased w/ activity of diflunisal (used off-label) and considers it standard of care after patients become symptomatic. Dr. Wiesman expects 33-50% of patients treated with diflunisal to ultimately require add-on therapy w/ either patisiran or inotersen. Based on available data, she is biased toward greater market share for inotersen due to more convenient administration (q3w IV patisiran vs. qw SQ inotersen). Long-term, Alnylam follow-on q3mo SQ drug TTRsc02 may be attractive if monitoring (renal and platelets) not necessary.”
According to TipRanks.com, Carr is a 5-star analyst with an average return of 9.7% and a 47.3% success rate. Carr covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Lexicon Pharmaceuticals, and Aquinox Pharmaceuticals.
Currently, the analyst consensus on Alnylam Pharma is Strong Buy and the average price target is $82.43, representing a 23.2% upside.
In a report issued on May 5, Chardan Capital also maintained a Buy rating on the stock with a $95 price target.
Based on Alnylam Pharma’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $18.96 million and GAAP net loss of $107 million. In comparison, last year the company earned revenue of $7.35 million and had a GAAP net loss of $103 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. The company was founded by John Kennedy Clarke, Paul R. Schimmel and Phillip A. Sharp on June 14, 2002 and is headquartered in Cambridge, MA.