BofA Securities has maintained a Buy rating on Alnylam Pharmaceuticals (NASDAQ: ALNY) and increased the price target to $307 from $295.
The adjustment follows Alnylam's recent analyst reception after presenting detailed HELIOS-B study data on August 30. The company discussed the potential market for treatment switching and the simplicity of prescribing combination therapies with stabilizers.
Alnylam believes that the publication of specific clinical criteria for identifying progressors will help establish a switch market.
During the session, key opinion leaders (KOLs) expressed their impressions of the full data set, noting the stability of NT-proBNP scores throughout the study. Positive feedback from KOLs has reinforced confidence in the differentiated profile of Alnylam's product, vutrisiran, and its commercial potential in treating ATTR-CM, a form of cardiac amyloidosis.
Alnylam anticipates further analyses to be presented at the Heart Failure Society of America (HFSA) meeting scheduled for September 27-30, and additional details on the commercial strategy will be shared at the TTR Investor Day on October 9.
BofA Securities has modeled $7.9 billion in risk-adjusted peak sales for vutrisiran in ATTR-CM, assuming a 40% market penetration and an 85% likelihood of success.
In other recent news, Alnylam Pharmaceuticals has made notable strides in the pharmaceutical industry, with multiple analyst firms maintaining or upgrading their positive ratings on the company.
Stifel, TD Cowen, H.C. Wainwright, and Barclays (LON:BARC) all maintained their positive ratings, reflecting confidence in Alnylam's market potential, especially with the promising data from the HELIOS-B Phase 3 study of vutrisiran.
Alnylam's second-quarter earnings report surpassed expectations in both revenue and profit, primarily due to the growth of its TTR franchise and a milestone payment from a licensing agreement with Regeneron (NASDAQ:REGN).
The company updated its 2024 revenue guidance, now expecting product revenues to reach between $1.575 billion and $1.65 billion. In addition to their financial success, Alnylam is preparing for potential regulatory approval, with plans to submit a supplemental New Drug Application by the end of 2024.
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