Michael Ulz, an analyst from Morgan Stanley, maintained the Hold rating on Alnylam Pharma (ALNY – Research Report). The associated price target remains the same with $284.00.
Michael Ulz has given his Hold rating due to a combination of factors surrounding Alnylam Pharma’s current market positioning and future prospects. The company has shown promising results with its Amvuttra product, particularly in the TTR-CM market, where recent label expansions and favorable data from the HELIOS-B study have been well-received. However, despite these positive developments, there are challenges such as the high cost of combination therapies and the limited initial use of Amvuttra in combination with tafamidis until patent expiration.
Another factor influencing the Hold rating is the significant market opportunity presented by TTR-CM, with a large patient population and growing diagnosis rates. While management is optimistic about the potential for growth, the current diagnosis rate remains relatively low, which could impact market expansion. Additionally, the anticipated broad access to Amvuttra, despite its high price point, suggests a gradual decline in net pricing over time. These elements combined suggest a cautious approach, warranting a Hold rating as the company navigates these opportunities and challenges.
In another report released on March 21, Wells Fargo also maintained a Hold rating on the stock with a $287.00 price target.