Analyst Patrick Trucchio from H.C. Wainwright reiterated a Buy rating on Alnylam Pharma (ALNY – Research Report) and increased the price target to $500.00 from $400.00.
Patrick Trucchio has given his Buy rating due to a combination of factors, primarily focusing on the promising developments in Alnylam Pharma’s TTR franchise. The anticipated launch of AMVUTTRA in ATTR-CM and the advancement of nucresiran in Phase 3 trials are expected to drive significant growth. Trucchio highlights that the transition from AMVUTTRA, which incurs substantial royalty liabilities, to nucresiran, a royalty-free next-generation RNAi therapy, is undervalued by the market, prompting an increase in the price target to $500.
Additionally, Alnylam’s strategic preparations for AMVUTTRA’s launch, including engaging with priority health systems and establishing numerous care sites, are set to enhance patient access and adoption. The company’s robust pipeline, featuring CNS-targeted therapies and partnerships for other siRNA treatments, further strengthens its growth prospects. Trucchio also notes that while near-term margins may be pressured by royalties to Sanofi, the long-term outlook is positive as the TTR franchise evolves towards nucresiran, supporting his Buy recommendation.
In another report released on February 18, Canaccord Genuity also maintained a Buy rating on the stock with a $385.00 price target.
Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ALNY in relation to earlier this year.
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