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Alnylam shares target increased by Canaccord Genuity after earnings beat

EditorEmilio Ghigini
Published 08/02/2024, 07:26 AM
ALNY
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On Friday, Canaccord Genuity maintained a Buy rating on Alnylam Pharmaceuticals (NASDAQ:ALNY) stock and raised the shares target to $366 from $357.

This adjustment followed the company's second-quarter earnings report, which surpassed expectations in both revenue and profit, attributed to the growth of its TTR franchise and a milestone payment from a licensing agreement with Regeneron (NASDAQ:REGN).

Alnylam's earnings report for the second quarter of 2024 revealed a 16% increase in its TTR franchise compared to consensus estimates. The company also recognized a milestone payment from Regeneron in connection with the amended license agreement for cemdisiran and mivelsiran.

In response to these positive results, Alnylam has updated its 2024 revenue guidance, now anticipating product revenues to reach between $1.575 billion and $1.65 billion, an increase from the previous forecast of $1.4 billion to $1.5 billion.

The company's pipeline developments are proceeding as planned. Following the successful top-line results from the HELIOS-B study, attention has shifted to the detailed data presentation scheduled for the ESC Congress in London on August 30th.

The analyst from Canaccord Genuity expressed confidence in Alnylam's clinical and commercial performance. The anticipation is for this trend to continue in the near term, with key events such as the detailed HELIOS-B data presentation at the ESC Congress, the launch of Amvuttra CM, and advancements in the company's early-stage pipeline. The firm's stance on Alnylam remains a Buy, reflecting optimism about the company's ongoing and future initiatives.

In other recent news, Alnylam Pharmaceuticals has been making significant strides with its latest financial and clinical developments. Both Canaccord Genuity and RBC Capital Markets have maintained a positive outlook on Alnylam, raising their price targets following the company's second-quarter earnings report.

The report highlighted a 16% increase in its TTR franchise and a noteworthy milestone payment from Regeneron. Alnylam's product revenue for the quarter also surpassed consensus estimates, leading to an updated revenue guidance for 2024, now ranging from $1.575 billion to $1.65 billion.

The company's pipeline developments continue to progress as anticipated, with attention now focused on the upcoming presentation of detailed data from the HELIOS-B study at the ESC Congress.

Analysts from both Canaccord Genuity and RBC Capital Markets have expressed confidence in Alnylam's commercial performance and the potential for significant market growth for its therapies.

In addition, Alnylam reported a 34% year-over-year increase in global net product revenues in the second quarter of 2024, largely driven by a 37% increase in the TTR franchise.

The company also reported positive top-line results from the HELIOS-B Phase 3 study of vutrisiran in ATTR cardiomyopathy, demonstrating improved cardiovascular outcomes and a mortality benefit compared to placebo. These recent developments continue to paint a promising picture for Alnylam's ongoing initiatives and future growth.

InvestingPro Insights

Alnylam Pharmaceuticals (NASDAQ:ALNY) has been a beacon of growth, as reflected in the recent price target increase by Canaccord Genuity. Delving into the financial health and market performance of the company, InvestingPro data reveals a robust revenue growth of 75.2% over the last twelve months as of Q1 2024, with a significant quarterly increase of 54.82% in Q1 2024. This revenue surge aligns with the company's reported earnings, supporting their updated and optimistic revenue guidance.

InvestingPro Tips highlight that Alnylam's stock is currently trading near its 52-week high, with a price percentage of 99.11%, indicating strong investor confidence. Moreover, the stock has experienced a substantial return over the last three months, with a 78.7% increase, which complements the analyst's positive outlook. However, it's important to note that analysts do not expect the company to be profitable this year, and the stock's RSI suggests it is in overbought territory, which could signal caution to potential investors.

For those interested in a deeper dive, there are additional InvestingPro Tips available, which include observations on the company's liquidity, debt levels, and long-term profitability. With 11 more tips listed on InvestingPro, investors can gain a more comprehensive understanding of Alnylam Pharmaceuticals' financial nuances and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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