Alnylam cut to Underperform at Wolfe Research amid Amvuttra expansion

Wolfe Research downgraded Alnylam (ALNY) to Underperform from Peer Perform with a $205 price target The firm cites expectations that the company will expand its approved Amvuttra into the much larger cardiomyopathy indication, with Amvuttra’s performance set to be the primary driver of the stock, but despite Alnylam’s position that the diagnosis rate remains low, market research “generally cannot size an undiagnosed population”, the analyst tells investors in a research note. Amvuttra is also either not covered or “effectively” not covered in several Medicare segments, Wolfe adds.