Credit Suisse Cuts Alnylam (ALNY) PT to $50, Keeps 'Outperform'
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Credit Suisse analyst Alethia Young cut her price target on Alnylam Pharmaceuticals (NASDAQ: ALNY) to $50.00 (from $145.00) but maintained an Outperform after the company announced termination of revusiran.
Young commented, "Lowering TP to $50/sh due to concerns about broader implications to the platform, but we still see value if patisiran works in Phase 3. We are lowering our target price from $145 to $50 and maintaining our Outperform rating on Alnylam. We have removed FAC from our model. We have lowered probability of success for other earlier programs. New probability of success for hemophilia and porphyria are 20% and 10% vs. old assumptions of 65% and 25% (respectively). Though patisiran is a different technology for different disease, we are adjusting our assumptions as we see greater risk on clinical success and peak sales. We lowered our POS on FAP to 80% from 100% and lowered peak sales by $200M (or 10% lower market share at peak). We are maintaining our Outperform rating since we think Phase 3 patisiran still has a reasonable shot of working mid-17 and the PCSK9 readout may be positive in November."
Shares of Alnylam Pharmaceuticals closed at $70.30 yesterday.
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