Alnylam Pharmaceuticals (ALNY) PT Raised to $89 at Chardan Capital Markets Following Arrowhead's RNAi Program Discontinuations

November 30, 2016 6:33 AM EST
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Chardan Capital Markets analyst Madhu Kumar reiterated a Buy rating and raised his price target on Alnylam Pharmaceuticals (NASDAQ: ALNY) to $89.00 (from $73.00) after Arrowhead (Neutral) announced the discontinuation of all of its clinical RNAi programs, including the two chronic hepatitis B virus (HBV) RNAi assets, ARC-520 and ARC-521, and the alpha-1 antitrypsin (AAT) liver disease RNAi drug ARC-AAT. In light of the removal of the Arrowhead programs from development they increase Alnylam's market share in HBV RNAi from 12.5% to 47.5% and in AAT from 30% to 100%.

Kumar commented, "Arrowhead's discontinuations, which are specific to the DPC platform, should have minimal read-across to Alnylam. The Arrowhead clinical hold for Heparc-2004 was due to deaths in "a nonclinical toxicology study in non-human primates using EX[-]1, the company's liver-targeted, intravenously administered delivery vehicle." EX-1 uses the DPC platform, which involves a second, non-therapeutic agent to promote delivery of the RNAi drug. In contrast, competing assets in the HBV RNAi space like ALN-HBV from Alnylam, which do not use DPC technology, should not face similar safety risks."

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 $46.03 yesterday.

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