Bernstein maintained its 'Outperform' rating and $376 price target for Alnylam Pharmaceuticals (NASDAQ: ALNY) following an assessment of the company’s nucresiran pipeline and TRITON-CM trial prospects.
The stock, trading at $236.01, has declined 46.8% over the past year amid broader bearish sentiment in the U.S. biotechnology sector. Bernstein described Alnylam as the 'most controversial company' in its coverage, noting that many investors have removed nucresiran from revenue forecasts and discounted cash flow models.
The analyst firm highlighted a 71% probability of clinical benefit from adding nucresiran to background stabilizer therapy in the TRITON-CM trial, with a 29% chance of no additional clinical benefit. This assessment contrasts with the market’s reaction to AstraZeneca’s CARDIO-TTRansform trial results, which are scheduled for presentation at the ESC Congress this weekend.
Bernstein argued that the market is overestimating the negative implications of AstraZeneca’s trial for nucresiran, suggesting a potential value dislocation in Alnylam’s shares. The firm’s price target implies upside of approximately 59% from current levels.
Alnylam reported Q2 2026 net product revenues of $1.29 billion, a 74% year-over-year increase, though total revenue of $1.29 billion fell short of the $1.32 billion estimate. Adjusted earnings per share reached $1.84, exceeding Wall Street’s forecast of $1.60. TTR net product revenues rose 89% to $1.03 billion.
Other analysts have adjusted their targets: RBC Capital lowered its price target to $350 while maintaining an 'Outperform' rating, Raymond James upgraded Alnylam to 'Strong Buy,' BMO Capital initiated coverage with an 'Outperform' rating and a $318 target, and H.C. Wainwright reiterated its 'Buy' rating with a $485 target. The stock’s PEG ratio stands at 0.12, according to InvestingPro data.
