Alnylam (ALNY) PT Lifted to $65 at Needham & Company on Positive ALN-TTRsc Results

September 23, 2013 2:42 PM EDT
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Price: $37.18 -2.72%

Rating Summary:
    13 Buy, 7 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Needham & Company analyst Alan Carr raised his price target on Buy-rated Alnylam Pharmaceuticals (NASDAQ: ALNY) from $55 to $65 on positive ALN-TTRsc results.

"Alnylam announced positive interim results from its Phase 1 trial of ALN-TTRsc in healthy volunteers this morning," Carr notes. "ALN-TTRsc is a subcutaneously administered form of Alnylam's RNAi therapeutic for TTR-mediated amyloidosis (ATTR). Strength/duration of effect bode well for this program and the rest of the Alnylam development effort. We reiterate BUY rating and raise price target to $65 (was $55), 29.5x our 2019 EPS estimate, disc 25%. We believe the stock should trade at a premium given the strength of the RNAi platform. In our opinion, there is more room for upside as Alnylam moves into Phase 3 in 4Q13 and at least two other programs move into the clinic in 2014."

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 $57.23 yesterday.

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