On Monday, RBC Capital maintained its Outperform rating and $235.00 price target on shares of Alnylam Pharmaceuticals (NASDAQ:ALNY), following the successful results of the HELIOS-B study.
The trial met its primary endpoint—a composite of all-cause mortality and recurrent cardiovascular events—in both the intention-to-treat population and the monotherapy group. The results demonstrated a significant 36% reduction in all-cause mortality for the intention-to-treat group and a 35% reduction for the monotherapy group.
The HELIOS-B study also achieved all secondary endpoints in both groups, which included key measures of disease progression such as the 6-minute walk test, Kansas City Cardiomyopathy Questionnaire, and New York Heart Association Class at Month 30, with p-values less than 0.025 for all measures.
These outcomes signal a strong performance for Alnylam's therapy, potentially positioning it as a front-line agent in the treatment of transthyretin-mediated cardiomyopathy (TTR-CM).
RBC Capital highlighted that the results from Alnylam's trial suggest a more favorable outcome compared to tafamidis, a current treatment for TTR-CM which showed a 30% reduction in mortality in its placebo-controlled trial.
Alnylam's therapy demonstrated a 36% mortality reduction despite a higher benchmark, as 40% of the trial's participants were on active therapy. The consistency of the therapy's effect across all subgroups suggests it may also have an additive or synergistic effect when used in combination with tafamidis.
The firm anticipates that the positive outcome for Alnylam could bode well for the broader TTR-CM space, expecting that Ionis Pharmaceuticals (NASDAQ:IONS) and Intellia Therapeutics (NASDAQ:NTLA) might also see their stocks trade higher in response to these developments. Further details are anticipated to be discussed during Alnylam's upcoming conference call, where more insights into the trial's findings and implications for the treatment landscape are expected.
In other recent news, Alnylam Pharmaceuticals reported successful outcomes from its HELIOS-B Phase 3 trial for vutrisiran, a drug designed for ATTR amyloidosis with cardiomyopathy. The trial showed a notable reduction in mortality and recurrent cardiovascular events in patients. Following these outcomes, Alnylam plans to file for global regulatory approval for vutrisiran.
On the financial front, Alnylam reported robust Q1 2024 results with revenues reaching $365 million, a 32% increase compared to the same period the previous year. The company's Transthyretin (TTR) franchise continues to fuel this growth, recording a 29% increase year-over-year.
In terms of analyst ratings, Stifel has maintained its Buy rating on Alnylam with a price target of $247, while RBC Capital reiterated its Outperform rating for the company. Both endorsements come after evaluating the promising HELIOS-B study results.
These recent developments highlight Alnylam's strong performance and potential for future growth. The company is aiming for net product revenues between $1.4 billion and $1.5 billion for 2024 and plans to file Investigational New Drug applications for nine programs by the end of 2025.
InvestingPro Insights
Following the positive results from the HELIOS-B study, Alnylam Pharmaceuticals (NASDAQ:ALNY) is capturing the attention of investors and analysts alike. Reflecting on the company's recent performance and financial health, InvestingPro data shows a substantial revenue growth of 75.2% over the last twelve months as of Q1 2024, with a gross profit margin impressively high at 83.95%.
Despite the company not being profitable in the last twelve months, with a P/E ratio of -64.89, the financial strength of Alnylam is evidenced by its liquid assets exceeding short-term obligations, as well as a moderate level of debt, which are important factors for the company's long-term sustainability.
InvestingPro Tips reveal that Alnylam is trading near its 52-week high, indicating a robust market confidence that may be bolstered by the recent study outcomes. Moreover, while analysts do not expect the company to be profitable this year, Alnylam has demonstrated a strong return over the last five years, signaling potential for long-term growth.
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