Wolfe Research Reiterates Peerperform Rating on Alnylam Pharmaceuticals (ALNY)

Wolfe Research analyst Andy Chen reiterated a Peerperform rating on Alnylam Pharmaceuticals (NASDAQ: ALNY).

The analyst comments "ALNY Setup & Shifting Debate. On Aug 30 ESC news, ALNY (PP) traded -8%, IONS (OP) -4% whereas BBIO +13% (not covered). We expect ALNY to have little volatility until acoramidis approval (potentially Nov 2024), after which Q1 2025 debate will likely shift toward acoramidis uptake. Upon Amvuttra approval in ATTR-CM (possibly Q2 2025 with a priority review voucher?), ALNY will become a launch stock again. Our long-term thesis on ALNY (PP) has partially been based on the IRA changes to Part D, which will lower Vyndaqel & acoramidis OOP by 88% by January 2025. Although ALNY proudly claims '>70% patients have $0 OOP', we regard this claim as a negative for Amvuttra uptake. We could be wrong, but with 'vutrisiran = tafamidis' and 'acoramidis > tafamidis' becoming more clear, now differences in payer benefit design will become more magnified."

For an analyst ratings summary and ratings history on Alnylam Pharmaceuticals click here. For more ratings news on Alnylam Pharmaceuticals click here.

Shares of Alnylam Pharmaceuticals closed at $262.69 yesterday.

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