Stifel Downgrades Alnylam Pharmaceuticals (ALNY) to Hold

Stifel analyst Paul Matteis downgraded Alnylam Pharmaceuticals (NASDAQ: ALNY) from Buy to Hold with a price target of $225.00 (from $318.00).

The analyst comments "We are downgrading ALNY to Hold, with a reduction in our target price to $225 from $318. Bottom line: while we remain somewhat positive on the long-term outlook for TTR (this is a large market, and we think TRITON-CM will probably succeed), near-term numbers for Amvuttra are likely to come down--probably significantly--and it's hard to see a path for the stock with it not being a beat-and-raise story. As an aside, there is also the upcoming potential 340B rule change which represents another risk to the stock. Taking a step back, we had thought that Amvuttra would be a more meaningful player in the 1L TTR space by now, but clearly there are complexities to utilization, reimbursement and breadth of uptake that go well beyond clinical merits. And while certain pipeline programs are intriguing (Huntington's, HHT), there's clinical risk and outstanding questions that will take time to answer/derisk."

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 $232.40 yesterday.

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