Pushkal Garg, the Chief Medical (TASE:PMCN) Officer and Executive Vice President of Development and Medical Affairs at Alnylam Pharmaceuticals , Inc. (NASDAQ:ALNY), recently executed a series of stock transactions that resulted in the sale of shares valued at approximately $422,144. The sales occurred on November 26, 2024, and involved a total of 1,682 shares of common stock.
The shares were sold at prices ranging from $247.77 to $252.27 per share. These transactions were part of a mandatory sell-to-cover provision aimed at covering minimum statutory tax withholding obligations. Following these sales, Garg retains direct ownership of 17,457 shares in the company.
In addition to these sales, Garg also acquired 3,434 shares of common stock on November 25, 2024, through a performance-based stock unit grant under Alnylam's 2018 Stock Incentive Plan. These shares were issued upon meeting specific performance measures related to the development of a therapeutic for ATTR amyloidosis with cardiomyopathy.
Alnylam Pharmaceuticals, based in Cambridge, Massachusetts, is a leading biopharmaceutical company focused on the development of RNAi therapeutics.
In other recent news, Alnylam Pharmaceuticals has been making significant strides in the pharmaceutical industry. The company reported a substantial 34% year-over-year increase in global net product revenue, totaling $420 million, primarily driven by its transthyretin amyloidosis treatments. The FDA recently approved Alnylam's drug, Attruby, and is currently reviewing Alnylam's supplemental New Drug Application for vutrisiran, a potential treatment for ATTR amyloidosis with cardiomyopathy.
Canaccord Genuity maintained a Buy rating on Alnylam, anticipating a potential price adjustment for Amvuttra to align with the branded tafamidis price, a part of the competitive landscape in the ATTR-CM treatment market. BMO Capital also maintained an Outperform rating for Alnylam, citing the smooth approval process and favorable label as significant positives for the company.
However, Wolfe Research downgraded Alnylam's stock from Peer Perform to Underperform due to long-term value concerns. Despite this, Alnylam continues to advance its pipeline, notably in treatments for Alzheimer's and Huntington's diseases, with the aim to double its clinical development pipeline by the end of 2025. Lastly, Alnylam has ceased the ALN-KHK program for type 2 diabetes but remains open to business development opportunities.
InvestingPro Insights
To provide additional context to Pushkal Garg's recent stock transactions at Alnylam Pharmaceuticals, let's examine some key financial metrics and insights from InvestingPro.
According to InvestingPro data, Alnylam's market capitalization stands at $32.74 billion, reflecting its significant presence in the biopharmaceutical sector. The company has demonstrated strong revenue growth, with a 21.54% increase in the last twelve months as of Q3 2024, reaching $2.09 billion. This growth underscores the company's success in commercializing its RNAi therapeutics.
Despite the revenue growth, Alnylam is currently operating at a loss, with an adjusted operating income of -$188.13 million for the same period. This aligns with an InvestingPro Tip indicating that analysts do not anticipate the company to be profitable this year. However, it's worth noting that biopharmaceutical companies often prioritize research and development investments over short-term profitability.
Another InvestingPro Tip highlights that Alnylam has seen a large price uptick over the last six months, which is supported by the data showing a 71.46% price total return over that period. This positive stock performance may reflect investor confidence in the company's pipeline and future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Alnylam Pharmaceuticals, providing deeper insights into the company's financial health and market position.
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