Alnylam Pharma (ALNY) Financing Around The Corner, Nomura Reiterates Reduce

Nomura/Instinet analyst, Christopher Marai, reiterated his Reduce rating on shares of Alnylam Pharmaceuticals (NASDAQ: ALNY) and cut his price target to $62 from $73 after the company reported results ending the quarter with $1.27bn in cash, and guided toward ending 2018 with ~$1bn in cash showing a cash burn in 3Q of $210mn.

The analyst believes that limited insight into future revs will necessitate a financing in the next three months since there is no apparent way for the company to dramatically change its $2.34 million per day burn. He stated "timing is particularly poor for a financing, as ALNY undertakes a risky, competitive launch, faces future competition and due to limited prospects from a pipeline that has seen failures, attrition and delays in 3Q".

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 $76.05 yesterday.

You May Also Be Interested In

• QuantumScape (QS) PT Lowered to $6 at Truist Securities
• MFE-MediaForEurope NV (MFEB:IM) PT Raised to EUR3.60 at Barclays
• Alpine Income Property Trust (PINE) PT Lowered to $18 at Jones Trading