Needham & Company Reiterates a 'Buy' on Alnylam (ALNY); Positive Results for ALN-PCS; Stock Remains a 2012 Favorite

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

Needham analyst says, "Alnylam announced positive initial results from a Phase 1 trial of ALN-PCS in subjects with elevated LDL-C. Sustained reductions of up to 66% in PCSK9 and 50% in LDL-C levels were observed in the single administration dose escalation trial. Significantly, no safety signal was reportedly observed. This trial represents the first clinical evaluation of the new MC3 RNAi LNP delivery formulation. While the data are a step forward for the PCSK9 program, there are broader favorable implications for RNAi and the Alnylam pipeline since the company plans to incorporate the new more potent MC3 LNP in other RNAi candidates. We believe the results represent another important milestone in systemic RNAi delivery and therapy."

"Valuation is low in our opinion ($85M EV) and the stock is one of our favorites for 2012."

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 $8.66 yesterday.

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