Leerink Partners Assumes Alnylam Pharmaceuticals (ALNY) at Market Perform
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Leerink Partners assumes coverage on Alnylam Pharmaceuticals (NASDAQ: ALNY) with a Market Perform rating and a price target of $43.00.
Analyst Paul Matteis commented, "ALNY remains a leading biotech in the oligonucleotide-based therapeutics (OBT) space. While we are positive on the company's strategy and long-term prospects, we believe recent safety setbacks for revusiran (and to a lesser extent, ALN-AAT) – while already costly to the stock price – may render it challenging for shares to outperform biotech peers during the next 12 mos. During the past few years ALNY has largely been valued as a platform company for which proof-of-concept across few indications implied clinical and commercial potential for a handful of much earlier programs. Looking ahead, we believe safety setbacks for two assets and a disappointing efficacy profile for a 3rd (ALN-CC5) may create a more skeptical or at least more conservative lens through which the Street will evaluate upcoming clinical data and ascribe technology value to the company's RNAi platform. Based on our due diligence, conversations with mgmt., and a recent handful of MEDACorp doc checks, we are most bullish on the positioning of patisiran and the theoretical potential of (less proven) ALN-AS1, and we are more cautiously optimistic on the profiles of fitusiran (hemophilia) and ALN-CC5 (paroxysmal nocturnal hemoglobinuria [PNH]). We find the anti-PCSK9 data generated to date encouraging, de-risking on efficacy, and potentially very compelling for patient convenience, but the high safety hurdle for approval caps our odds of success at 50%."
Shares of Alnylam Pharmaceuticals closed at $43.47 yesterday.
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