Alnylam Pharma (ALNY – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Keay Nakae from Chardan Capital reiterated a Buy rating on the stock and has a $225.00 price target.
Keay Nakae has given his Buy rating due to a combination of factors including strong financial performance and promising clinical trial prospects. Alnylam Pharmaceuticals demonstrated considerable year-over-year growth with a 32% increase in product revenue and a significant reduction in net loss. Additionally, the company’s collaborations with notable industry players such as Roche, Regeneron, and Novartis have resulted in a substantial 225% rise in collaboration revenue, indicating a robust partnership framework that supports its financial stability and growth potential.
Moreover, Nakae anticipates positive results from the upcoming phase III HELIOS-B study, which is a critical event for Alnylam. The adjustments to the statistical analysis plan and the extension of patient follow-up periods are seen as strategic moves that could potentially enhance the study’s success. A positive outcome from this study, which is highly anticipated by Nakae, could lead to a significant regulatory milestone with a supplementary new drug application submission by the end of the year. These factors collectively justify Nakae’s optimistic outlook on Alnylam Pharma’s stock, underpinning the Buy rating assigned.
In another report released yesterday, Needham also maintained a Buy rating on the stock with a $200.00 price target.
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Alnylam Pharma (ALNY) Company Description:
Alnylam Pharmaceuticals, Inc. operates as biopharmaceutical company, which engages in the discovery, development and commercialization of RNAi therapeutics. It is the translation of RNAi as a new class of innovative medicines with a core focus on RNAi therapeutics for the treatment of genetically defined diseases. The company was founded by John Kennedy Clarke, Paul R. Schimmel and Phillip A. Sharp on June 14, 2002 and is headquartered in Cambridge, MA.
