On Monday, BMO Capital maintained its positive outlook on Alnylam Pharmaceuticals, a biopharmaceutical company traded on NASDAQ:ALNY. The firm reiterated an Outperform rating with a $234.00 price target on the stock. This endorsement follows Alnylam's announcement of successful results from its HELIOS-B Phase 3 study of vutrisiran, a drug designed to treat transthyretin-mediated amyloidosis cardiomyopathy (ATTR-CM).
Vutrisiran met both primary endpoints in the study, showing effectiveness as a monotherapy and in combination with Tafamidis, another medication for ATTR-CM. Additionally, the study highlighted statistically significant improvements in all secondary endpoints, which included measures of all-cause mortality. The drug also demonstrated consistent effects across all key subgroups, including patients with a baseline of Tafamidis treatment.
The firm's analyst underscored the significance of the HELIOS-B study results, noting that vutrisiran's performance positions it as a highly competitive treatment option in the ATTR-CM space. The analyst believes that vutrisiran, marketed under the brand name Amvuttra, has the potential to be utilized as a first-line monotherapy or in combination with Tafamidis.
Given these developments, BMO Capital expressed confidence in the drug's market potential and anticipates significant upside for Alnylam's stock. The firm also highlighted Alnylam as its top pick in the sector, signaling strong expectations for the company's performance based on the recent study outcomes.
In other recent news, Alnylam Pharmaceuticals has made significant strides in its operations. The company has reported encouraging results from its HELIOS-B Phase 3 trial for vutrisiran, a drug developed 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.
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