Alnylam Pharmaceuticals (ALNY) PT Raised to $89 at Chardan Capital Markets Following Arrowhead's RNAi Program Discontinuations
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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."
Shares of Alnylam Pharmaceuticals closed at $46.03 yesterday.
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