FBR Capital Reiterates Bullish View on Alnylam Pharmaceuticals (ALNY) as ALN-GO1 Provides Early Human Proof-of-Concept in PH1
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FBR Capital analyst Christopher James reiterated an Outperform rating and $180 price target on Alnylam Pharmaceuticals (NASDAQ: ALNY) after the company announced initial clinical results from Part A of its ongoing Phase I/II study at a major pediatric nephrology conference. The results showed that single, subcutaneous doses of ALN-GO1 achieved dose-dependent increases in plasma and urine glycolate as compared to placebo, with up to an eight-fold increase in plasma glycolate in the highest dose cohort.
James commented, "We remind investors that increases in plasma and urine glycolate in normal volunteers confirm effective GO knockdown since glycolate is the substrate used by the GO enzyme to produce excessive oxalate in patients with Primary hyperoxaluria type 1 (PH1). We provide three additional key highlights from these data: (1) the observed level of glycolate increase would correlate with an estimated greater than 80% silencing of the HAO1 mRNA, based on preclinical data; (2) single doses of ALN-GO1 were shown to be generally well tolerated in healthy adult volunteers with no reported SAEs; and (3) the effects of ALN-GO1 were highly durable, with levels sustained through 85 days at the highest dose, supportive of a once-monthly and possibly once-quarterly subcutaneous dose regimen."
Shares of Alnylam Pharmaceuticals closed at $75.57 yesterday.
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