Piper Sandler has maintained a positive outlook on Alnylam Pharmaceuticals (NASDAQ: ALNY), reiterating an Overweight rating with a $296.00 price target on the company.
The firm's confidence is bolstered by recent data presented on Alnylam's therapeutic candidate, vutrisiran.
The data, revealed at the Heart Failure Society of America meeting, showed vutrisiran's significant impact on cardiac structure and function compared to placebo at 30 months.
Notable improvements included a decrease in mean left ventricular wall thickness and left ventricular mass index. Additionally, vutrisiran demonstrated a 28% reduction in all-cause mortality and recurrent cardiovascular events at 36 months, with specific decreases in all-cause mortality and recurrent cardiovascular events.
These promising results support the potential for vutrisiran's label expansion in ATTR-CM, which Piper Sandler suggests could represent a blockbuster opportunity. Alnylam plans to host a TTR event on October 9th, with intentions to file a supplemental New Drug Application (sNDA) by the end of 2024. The company aims to utilize a Priority Review Voucher (PRV) for the approval of AMVUTTRA in the first half of 2025.
In other recent news, Alnylam Pharmaceuticals has been in the spotlight following its Q2 earnings report, which exceeded expectations in both revenue and profit due to the growth of its TTR franchise and a milestone payment from a licensing agreement with Regeneron (NASDAQ:REGN).
As a result, the company updated its 2024 revenue guidance, now projecting product revenues to reach between $1.575 billion and $1.65 billion.
Alnylam has also been receiving attention from analyst firms such as Goldman Sachs, BofA Securities, TD Cowen, and Stifel, all of which have maintained their Buy ratings on the company.
Goldman Sachs, in particular, reiterated its Buy rating following the presentation of data from the Phase 3 HELIOS-B study of Amvuttra, with the firm estimating peak sales of approximately $5.3 billion by 2035.
Furthermore, Alnylam is preparing for potential regulatory approval, with plans to submit a supplemental New Drug Application by the end of 2024. The company is also planning to expand its sales force significantly, aiming to target approximately 5,000 cardiologists currently prescribing Vyndamax.
InvestingPro Insights
Alnylam Pharmaceuticals' recent data presentation and Piper Sandler's positive outlook are further supported by several key financial metrics and insights from InvestingPro. The company's impressive revenue growth of 89.46% over the last twelve months, coupled with a strong gross profit margin of 87%, underscores its robust financial performance and potential for future growth.
InvestingPro Tips highlight that 10 analysts have revised their earnings upwards for the upcoming period, aligning with the positive sentiment expressed in Piper Sandler's report. Additionally, Alnylam's high return over the last year, with a 55.23% price total return, reflects investor confidence in the company's prospects.
While the company is not currently profitable, its strong revenue growth and the potential for vutrisiran's label expansion suggest a promising future. Investors should note that Alnylam is trading near its 52-week high, indicating strong market performance.
For those seeking a deeper analysis, InvestingPro offers 13 additional tips for Alnylam Pharmaceuticals, providing a comprehensive view of the company's financial health and market position.
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