RBC Capital has upgraded Alnylam Pharmaceuticals Inc (NASDAQ: ALNY) to Outperform from Sector Perform with a price target of $225, up from $144. While M&A optionality is “nice” to have, analyst Luca Issi’s call is fundamental.
- According to Issi, the stock may be viewed as expensive at a $21 billion market cap and 30x sales, but this is a great entry point at a 15% discount from October highs and ahead of key catalysts that can unlock value in the short-term and on the heels of an “impressive” R&D Day.
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- Needham raised the price target on Alnylam to $205 from $180 and kept a Buy rating on the shares following the R&D Day event.
- Analyst Joseph Stringer likes Alnylam’s strong balance sheet and its improving top and bottom line. He also sees potential for significant growth in the TTR franchise.
- Goldman Sachs upgraded Alnylam to Buy from Neutral with a $273 price target. Analyst Salveen Richter sees “multiple drivers for growth” into 2022 and beyond, beginning with the Phase 3 APOLLO-B data for Onpattro in ATTR-cardiomyopathy in mid-2022.
- Richter is bullish on the outcome given key opinion leader commentary, read through from Phase 3 APOLLO and HELIOS-A trials.
- Further, the analyst incorporated the Phase 2 zilebesiran in hypertension into her model at a 35% probability of success.
- Price Action: ALNY shares are up 4.99% at $190.03 during the market session on the last check Monday.
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