Alnylam Pharmaceuticals (ALNY) 'Appears Oversold' on BridgeBio Pharma News - Oppenheimer

Oppenheimer analyst Leland Gershell reiterated an Outperform rating and $200.00 price target on Alnylam Pharmaceuticals (NASDAQ: ALNY), saying shares appear oversold on the competitor update.

The analyst commented, "This morning's news that competitor BBIO's Phase 3 ATTRibute-CM trial of acoramidis missed its primary endpoint (6MWD at 12 months) came as a surprise. Among patients on active and placebo, declines in distance walked were 9.3 and 7.0 meters, respectively (p=0.76). These declines were substantially less than the 40-50m declines that have been ~consistently observed among untreated patients in prior industry and academic studies, and was >70% lower than the decline observed in tafamidis' ATTR-ACT treatment group. On its conference call, BBIO mgmt. had no immediate explanation for the results pending examination of sites and subpopulations, but offered that evolution in standard-of-care as well as context and training bias could have facilitated placebo group performance. Following a sharp drop on the competitor news, ALNY has continued to weaken and is now -18% since Thursday's close, likely due to increased investor concern that a similar placebo response could interfere with upcoming results from Onpattro's Apollo-B trial (same primary endpoint, top-line expected mid-2022). While we await further clarity on the circumstances of ATTRibute-CM, we believe today's selloff in ALNY shares is disproportionate to any incremental concerns around Apollo-B's prospects for success. We would look to take advantage of current levels to add to a position."

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 $194.35 yesterday.

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