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)."

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 $165.70 yesterday.

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