Alnylam (ALNY) PT Cut to $137 at Needham & Company; Long-Term Investors Should Buy Weakness

October 6, 2016 7:26 AM EDT
Get Alerts ALNY Hot Sheet
Price: $37.09 +1.15%

Rating Summary:
    13 Buy, 7 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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Needham & Company analyst Alan Carr cut his price target on Alnylam Pharmaceuticals (NASDAQ: ALNY) to $137.00 (from $152.00) after the company reported last night that the revusiran program has been terminated. An ad hoc review of unblinded Phase 3 ENDEAVOR trial data led the DMC to conclude that benefit : risk due to an imbalance in deaths did not justify continuation of the trial. The firm maintained a Buy rating.

Carr commented, "Based on available information, our bias is that the matter is limited to revusiran and we do not believe overall potential of the RNAi platform is meaningfully impacted. We have removed revusiran and associated revenues from our models, prompting us to lower our price target to $137 (was $152). We reiterate BUY and recommend investors with a long-term view take advantage of weakness."

For an analyst ratings summary and ratings history on Alnylam Pharmaceuticals click here. For more ratings news on Alnylam Pharmaceuticals click here.

Shares of Alnylam Pharmaceuticals closed at $70.30 yesterday.

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