Alnylam Pharmaceuticals Share Price Weakness Looks 'Overdone' Despite Softer Quarter, RBC Says

MT Newswires Live07-31

Alnylam Pharmaceuticals (ALNY) share price weakness appears overdone despite a softer quarter, with Amvuttra growth and pipeline progress supporting upside, RBC Capital Markets said in a note emailed Friday.

The analysts said Amvuttra revenue came in slightly below expectations, and the company lowered its full-year transthyretin revenue guidance after acknowledging that the early stages of the launch benefited from pent-up demand, particularly from patients who had stopped responding to tafamidis.

The company reaffirmed its goal of delivering more than 25% total revenue compound annual growth rate through 2030, "but our read is that the company sounded a bit more measured on that goal as they referred to it as an ambition more than a formal guide," the analysts said.

The analysts said, overall, the update was disappointing, but the recent share price weakness appears "overdone." The stock now trades at less than 2.5 times guided 2030 revenue, which still offers attractive upside if execution remains strong.

RBC lowered its price target on Alnylam Pharmaceuticals from $445 to $350 and has an outperform rating on the stock.

Price: 205.69, Change: +0.21, Percent Change: +0.10

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