Alnylam Pharma (ALNY): Cutting PT On Sanofi Revenue Share But Reiterating Buy - Needham
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Needham & Company analyst, Alan Carr, reiterated his Buy rating on shares of Alnylam Pharmaceuticals (NASDAQ: ALNY) and cut the price target to $98 after the company announced (earlier this week) that collaborator Sanofi exercised its option to co-develop and co-commercialize fitusiran in US/EU/CA. The analyst adjusted his model to reflect Sanofi taking a greater share of revenue and reduced the price target to $98 from $137. Our confidence in platform is unchanged and we reiterate BUY.
Additionally, Alnylam collaborator, Medicines Company, announced interim data from an ongoing Phase 2 trial of ALN-PCSK9 (Inclisiran) at the AHA mtg yesterday. The analyst stated "consistent with expectations, impact on LDL is in range of PCSK9 antibodies Repatha and Praluent, but substantially more durable. The companies are guiding for administration every 4 to 6 months, although Phase 3 design and dose regimens have not been finalized". The analyst expects a trial initiation in 2017.
Shares of Alnylam Pharmaceuticals closed at $48.23 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesNeedham & Company, Alan Carr
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