Canaccord Genuity has reaffirmed its buy recommendation and $429 price target for Alnylam Pharmaceuticals following a review of detailed cardiology data presented at the European Society of Cardiology Congress in Munich.
The firm cited incremental insights from the CARDIO-TTRansform study, published in the New England Journal of Medicine, as supportive of its bullish thesis. Canaccord participated in an "Ask the Trialist" session featuring Dr. Mathew Maurer of Columbia University, noting that the additional data reinforced existing understanding without introducing material new evidence.
Physician feedback discussed during the session aligned with prior expert commentary, indicating that the findings are unlikely to prompt a significant short-term shift in treatment approaches for transthyretin amyloidosis (ATTR). Analysts emphasized the importance of early diagnosis and intervention as key takeaways from the study.
Alnylam’s shares were indicated up 1.5% in after-hours trading at $240.00, following a 35% decline since early July. The company’s market capitalization stands at $31.73 billion, with a forward price-to-earnings growth (PEG) ratio of 0.12.
Revenue for Alnylam’s ATTR portfolio drug Amvuttra totaled $1.012 billion in the second quarter, missing the consensus estimate of $1.053 billion. Despite this, Canaccord maintained its bullish stance, projecting peak U.S. and EU market shares of 30% and 25%, respectively, for Alnylam’s ATTR franchise.
Other recent analyst actions included RBC Capital, which maintained an Outperform rating but reduced its price target from $445 to $350 following the Amvuttra revenue miss. Raymond James upgraded Alnylam to Strong Buy from Outperform, citing pipeline potential. BMO Capital initiated coverage with an Outperform rating, highlighting growth in the ATTR portfolio, while Bernstein reiterated an Outperform rating, arguing that the market overreacted to a failed AstraZeneca Phase 3 trial involving an ATTR-CM silencer drug.
