RBC Capital has maintained its Outperform rating and $300.00 price target on Alnylam Pharmaceuticals (NASDAQ: ALNY) following a significant rise in the company's market capitalization by $15 billion, with the stock climbing 70% since the release of positive top-line data.
Alnylam is set to present full HELIOS-B study results at the European Society Of Cardiology in London on Friday, with various outcomes anticipated from the successful trial, which demonstrated a 36% reduction in mortality.
The upcoming data presentation could address several key investor debates, including the timing of mortality curve separation, the statistical impact on all-cause mortality and the composite of all-cause mortality and recurrent cardiovascular events, as well as the potential benefits for patients in NYHA class III.
The comparison of Alnylam's data with that of peers is complicated by the fact that 40% of Alnylam's trial participants were already on active therapy with tafamidis, as opposed to none in competitor trials.
While the stock has reached all-time highs, RBC Capital suggests that the potential for downside is greater in the short term, particularly in relation to the upcoming European Society Of Cardiology presentation.
However, the firm remains positive about Alnylam's long-term investment prospects. Alnylam is poised to lead in a market projected to grow at a 65% compound annual growth rate, targeting a condition where 80% of patients have not yet received therapy.
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