By Sam Boughedda
Investing.com — In a research note Monday, Oppenheimer analyst Leland Gershell told investors that Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) shares appear oversold following the BridgeBio Pharma Inc (NASDAQ:BBIO) news.
Alnylam's competitor, BridgeBio Pharma, told investors earlier today that its Phase 3 Study investigating acoramidis for treating rare heart disease symptomatic transthyretin (TTR) amyloid cardiomyopathy (ATTR-CM) did not meet its primary endpoint. As a result, the shares of BridgeBio declined by over 70%, while Alnylam's stock price fell 17% on the day.
However, Gershall feels the sell-off in Alnylam is due to increased investor concern that a similar placebo response could interfere with upcoming results from Alnylam's Onpattro's Apollo-B trial .
"While we await further clarity on the circumstances of ATTRibute-CM, we believe today's selloff in ALNY shares is disproportionate to any incremental concerns around Apollo-B's prospects for success," said the analyst.
Providing a boost for Anlylam shareholders, Gershall said they "would look to take advantage of current levels to add to a position."