RBC Capital Positive on Alnylam Pharmaceuticals (ALNY): 'HELIOS-B Hits Convincingly Across the Board, Materially Exceeding Expectations'
RBC Capital analyst Luca Issi reiterated an Outperform rating and $235.00 price target on Alnylam Pharmaceuticals (NASDAQ: ALNY).
The analyst comments "The News: Highly anticipated HELIOS-B hits the primary endpoint (composite of all-cause mortality and recurrent CV events) in both ITT (HR 0.718, p-value 0.0118; n=654) and monotherapy (HR 0.672, p-value 0.0162; n=395). Importantly, there was an impressive reduction in all-cause mortality by 36% for ITT and 35% for monotherapy. All secondary endpoints were hit in both ITT and mono. This includes key measures of disease progression: 6-minute walk test (6-MWT), Kansas City Cardiomyopathy Questionnaire (KCCQ) and New York Heart Association (NYHA) Class at Month 30 (p<0.025 for all). Our View: This is best case scenario for ALNY and pending more details from the call it may even suggest silencers will be used as first line agents in TTR-CM. Recall, tafamidis (currently a $4.5b drug growing 65% CAGR) showed a 30% reduction in mortality in a trial that was placebo-controlled, while ALNY showed an even better 36% reduction in a trial that had a materially higher bar given 40% of patients were on an active therapy. Importantly, the effect appears to be consistent across all subgroups suggesting that this therapy may even have an additive/synergistic effect to tafa. Looking forward to more details during the call, but we think this is the best case for ALNY and the broader space of TTR-CM (we anticipate IONS and NTLA to also trade higher)."
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Shares of Alnylam Pharmaceuticals closed at $165.70 yesterday.