Needham & Company Reiterates a 'Buy' on Alnylam Pharmaceuticals (ALNY); Encouraging Clinical Data from ALN-TTR Program

Needham & Company reiterates a 'Buy' on Alnylam Pharmaceuticals (NASDAQ: ALNY) price target of $16.00.

Needham analyst says, "Alnylam presented initial results from a Phase 1 single-ascending dose trial of ALN-TTR-01 over the weekend and reviewed the data in a conference call this morning. A 41% mean reduction in serum TTR levels was observed at the highest dose tested (1.0mg/kg), with the effect sustained for nearly one month. Safety/tolerability appears clean. Alnylam has observed in animal models that reductions in serum TTR levels translate to reductions in TTR tissue levels as well as in target organ plaques."

"The stock is trading at about cash, which in our view does not adequately reflect the value of the RNAi platform. We believe today’s biomarker/safety data are a notable step forward and reduction in risk."

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 $7.21 yesterday.

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