Needham & Company Reiterates a 'Buy' on Alnylam Pharmaceuticals (ALNY); Focused on Development

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

Analyst, Alan Carr, said, "Alnylam management provided a corporate update in a quarterly conference call yesterday after market close. The company is increasingly focused primarily on development of RNAi candidates in TTR amyloidosis and hemophilia. Alnylam recently initiated a Phase 1 trial of ALN-TTR-02, with biomarker data expected in 3Q12. A short Phase 2 trial in TTR patients is planned prior to expected initiation of a pivotal Phase 3 trial in 2013. Alnylam continues to plan for initiation of ALN-APC clinical development in hemophilia in early 2013. Additional preclinical data are expected from this program in July 2012 (World Federation of Hemophilia/Paris). We believe the stock is undervalued (~$215M EV) given recent success in establishing the merits of RNAi as a treatment strategy."

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 $10.29 yesterday.

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