Alnylam Pharmaceuticals CEO sells shares worth over $1.85 million By Investing.com

The Chief Executive Officer of Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), Yvonne Greenstreet, has sold 7,093 shares of the company’s common stock, according to a recent SEC filing. The transaction, which took place on July 11, 2024, was executed at a price of $261.00 per share, amounting to a total value of over $1.85 million.

The sale was conducted under a pre-arranged 10b5-1 trading plan, which allows company insiders to sell shares at predetermined times to avoid accusations of insider trading. Such plans are typically set up when an insider anticipates they will have material non-public information in the future and want to sell shares legally.

Following the sale, CEO Greenstreet still retains a significant amount of Alnylam Pharmaceuticals stock, with 73,441 shares held directly. Additionally, the SEC filing noted that Greenstreet has an indirect ownership of 407 shares through a managed account, which are acquired as part of the issuer’s 401(k) plan matching contribution program.

Investors often monitor insider transactions as they can provide insights into the executives’ views on the company’s current valuation and future prospects. Alnylam Pharmaceuticals, headquartered in Cambridge, Massachusetts, is known for its focus on RNA interference (RNAi) therapeutics, a novel and promising area of drug development.

The company’s shares are publicly traded on the NASDAQ stock exchange under the ticker symbol ALNY. As of the last trading session, the stock’s performance and market sentiment remain subjects of interest to shareholders and potential investors, especially in light of recent insider trading activity.

In other recent news, Alnylam Pharmaceuticals has been the subject of various analyst adjustments following the release of the HELIOS-B study data. UBS, RBC Capital Markets, and H.C. Wainwright have all increased their price targets for the company, maintaining their Buy or Outperform ratings. The HELIOS-B study results have strengthened the case for Alnylam’s vutrisiran treatment for ATTR-CM, a cardiac condition, leading to heightened confidence in the drug’s commercial prospects.

Morgan Stanley has also raised its price target for Alnylam, maintaining an Equalweight rating after reviewing the HELIOS-B study results. These results are expected to be detailed further at the European Society of Cardiology event later this year.

Alnylam’s Q1 2024 revenues reached $365 million, a 32% increase from the same period the previous year, largely driven by its Transthyretin (TTR) franchise. The company is targeting net product revenues between $1.4 billion and $1.5 billion for 2024.

Alnylam plans to file for regulatory approval for its product, Amvuttra, within the next three to four months, following impressive clinical results. Additionally, the company plans to submit a supplemental New Drug Application for vutrisiran in ATTR-CM by the end of 2024. These are recent developments that underline Alnylam’s ongoing efforts in the biotech sector.

InvestingPro Insights

Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) has been a subject of investor focus, especially after the CEO’s recent stock sale. Insights from InvestingPro reveal some key metrics that could influence investor perception. The company’s market capitalization stands at $33.05 billion, reflecting its significant presence in the biopharmaceutical sector. Despite challenges in profitability, with a negative P/E ratio of -98.92 for the last twelve months as of Q1 2024, Alnylam has demonstrated impressive revenue growth of 75.2% during the same period. This growth is further highlighted by a robust gross profit margin of 83.95%, indicating the company’s ability to maintain its profitability on the operational level.

InvestingPro Tips suggest that Alnylam’s stock may be in overbought territory, as indicated by the RSI, and analysts do not expect the company to be profitable this year. However, it’s worth noting that the company’s liquid assets exceed its short-term obligations, which provides financial flexibility. Additionally, Alnylam has been trading near its 52-week high, with a strong return over the last month of 62.77% and an impressive three-month price total return of 75.43%.

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