Alnylam downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Leland Gershell downgraded Alnylam to Perform from Outperform heading into the HELIOS-B readout, as the firm appreciates a high competitive bar set by oral stabilizers; a large placebo response in a recent ATTR-CM Phase 3; and baseline/drop-in tafamidis that Oppenheimer believes adds considerable risk to primary endpoint success. In the event of positive data, the firm believes Street expectations for Alnylam in ATTR-CM-the dominant component of company’s projected out-year revenue-are nonetheless optimistic in the face of two oral stabilizers expected to together constitute the standard-of-care, with KOL feedback suggesting Amvuttra’s CM opportunity will primarily lie among stabilizer failures and less-prevalent hATTR mixed phenotypes. Pipeline assets have largely been partnered for profit shares/royalties, with a few wholly-owned candidates at early stages of development, Oppenheimer adds.