Oppenheimer Upgrades Alnylam Pharmaceuticals (ALNY) to Outperform

Oppenheimer analyst Leland Gershell upgraded Alnylam Pharmaceuticals (NASDAQ: ALNY) from Perform to Outperform with a price target of $490.00.

The analyst comments "Amvuttra's ~$150M in first full-quarter ATTR-CM sales outpaced our and consensus $10/17M estimates by a sizable margin as ALNY secured payer agreements much faster than anticipated. Total Amvuttra sales of $492M came in well ahead of our/consensus $345/351M estimates. Call commentary was favorable on all aspects of the launch: dearth of payer headwinds, minimal (single-digit) step-edits through oral stabilizers, and growing adoption as first-line treatment. ALNY raised full-year TTR franchise sales guidance by ~$560M (+34%), seemingly conservative against Amvuttra's initial trajectory and with European markets to come online in 2H. Shares are +18% since last Thursday's beat-and-raise vs. flat XBI, and we anticipate further outperformance as Amvuttra's commercialization for ATTR-CM continues to impress and Street estimates are revised upward. We upgrade to Outperform and assign a $490 price target."

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 $401.80 yesterday.

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