TD Cowen maintains Alnylam stock at Buy rating with steady price target By Investing.com

TD Cowen has maintained its optimistic stance on Alnylam Pharmaceuticals (NASDAQ: ALNY), reaffirming a Buy rating and a price target of $282.00.

The firm’s analysis followed recent engagements with the company in Europe after the European Society of Cardiology (ESC) congress.

The company is actively preparing for a potential expansion of the label for its product Amvuttra, anticipated in the first half of 2025. Alnylam’s efforts include plans to expand its sales force significantly, with an initial increase of 30-40%.

The expansion is aimed at targeting approximately 5,000 cardiologists currently prescribing Vyndamax, with one-third of these healthcare professionals already being familiar with Alnylam’s products.

The firm anticipates a robust commercial performance for Amvuttra in the second half of 2024, especially from new patients exhibiting mixed phenotypes with compressive neuropathies. The expectation is based on the groundwork laid out by Alnylam in its market preparation efforts.

Alnylam Pharmaceuticals has been actively detailing its strategy to healthcare providers, which could potentially enhance the uptake of Amvuttra once the label expansion is approved. The strategic focus on cardiologists who prescribe Vyndamax is a key component of this preparation.

In other recent news, Alnylam Pharmaceuticals has been the focus of several analyst firms following the release of data from the HELIOS-B study. BofA Securities, Stifel, TD Cowen, and H.C. Wainwright all maintained their positive ratings on the company, 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:). 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.

InvestingPro Insights

As Alnylam Pharmaceuticals (NASDAQ:ALNY) gears up for a potential label expansion for Amvuttra, real-time data from InvestingPro shows promising financial health and market activity that may influence investor confidence. The company boasts a high gross profit margin of 87.0% for the last twelve months as of Q2 2024, indicating strong efficiency in its operations. Furthermore, analysts have recently revised their earnings upwards for the upcoming period, reflecting a positive outlook on the company’s financial performance.

While the company is not expected to be profitable this year and operates with a moderate level of debt, its liquid assets surpass short-term obligations, suggesting a solid liquidity position. Additionally, Alnylam has experienced strong returns over the last three months, with a price total return of 65.39%, and an impressive six-month price total return of 77.71%. It’s noteworthy that the company’s market capitalization stands at $34.06 billion, and despite a negative P/E ratio, the revenue growth has been remarkable at 89.46% for the last twelve months as of Q2 2024.

For investors seeking more in-depth analysis, InvestingPro offers additional insights and metrics. There are 12 more InvestingPro Tips available for Alnylam Pharmaceuticals, which can be accessed for those interested in a comprehensive investment evaluation.

These metrics and insights from InvestingPro could provide valuable context for investors considering TD Cowen’s optimistic stance on Alnylam Pharmaceuticals, especially in light of the company’s strategic initiatives and market preparation efforts for Amvuttra’s label expansion.

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