Alnylam Pharmaceuticals (ALNY) PT Cut to $77 at Chardan
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- China Oceanwide to Acquire Genworth Financial (GNW) for $2.7B
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Chardan Capital Markets analyst Madhu Kumar cut the price target on Alnylam Pharmaceuticals (NASDAQ: ALNY) to $77.00 (from $115.00) after the company announced the discontinuation of the development of revusiran, a RNAi drug
which was in phase III trials targeting transthyretin (TTR), for the treatment of TTR familial amyloid cardiomyopathy
(TTR-FAC). Teh firm maintained a Buy rating.
Kumar commented, "FAC). The decision was, per Alnylam, based on a meeting of the data monitoring committee (DMC) for
ENDEAVOUR, revusiran's phase III trial, in which the DMC "informed the Company that the benefit-risk profile for
revusiran no longer supported continued dosing." The meeting was followed by Alnylam learning that, upon unblinding
ENDEAVOUR, there was "an imbalance of mortality in the revusiran arm as compared to placebo." Alnylam
emphasized that the discontinuation of revusiran had no impact on the company's other phase III asset, patisiran, a
second RNAi drug targeting TTR familial amyloid polyneuropathy (TTR-FAP) for which topline results are expected
mid-2017, or any of the additional RNAi therapies in development. Due to the loss of the revusiran franchise (NPV of
$34.68/share) and related financial effects, we lower our price target from $115/share to $77/share."
Shares of Alnylam Pharmaceuticals closed at $70.30 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- RBC Capital Raises Price Target on Benchmark Electronics (BHE) Following In-Line 3Q
- Imperial Capital Raises Price Target on American Airlines (AAL) Following 3Q EPS Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesChardan Capital Markets
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!