Canaccord Reiterates Buy Rating on Alnylam Pharmaceuticals (ALNY)

Canaccord analyst Whitney Ijem reiterated a Buy rating and $429.00 price target on Alnylam Pharmaceuticals (NASDAQ: ALNY).

The analyst commented: "We are currently attending the European Society of Cardiology Congress (ESC; August 28–31, Munich), where more detailed CARDIO-TTRansform data were presented this morning; full results were also published in NEJM. We attended the data presentation (standing room only, no time for Q&A) as well as several subsequent TTR sessions, including an “Ask the Trialist” session with Dr. Mathew Maurer (Columbia). Our more detailed initial thoughts and takeaways from that session are below. Bottom line: the incremental data detail supports what we already knew—nothing so far appears new or thesis-changing. Physician feedback at the conference is also consistent with what we heard from a KOL after the data were initially announced: while surprising, these results are unlikely to drive a major near-term shift in the treatment paradigm. We therefore continue to think our 30%/25% peak CM share assumptions for ALNY in the US/EU, respectively, are reasonable. Perhaps the most important takeaway from the TTRansform discussion, in our view, is the importance of early diagnosis and treatment, which we continue to believe are important but underappreciated variables for the TTR-CM TAM."

For an analyst ratings summary and ratings history on Alnylam Pharmaceuticals click here. For more ratings news on Alnylam Pharmaceuticals click here.

Shares of Alnylam Pharmaceuticals closed at $237.10 yesterday.

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