- In a note, Nomura's Chris Marai initiates coverage on Alnylam Pharmaceuticals (NASDAQ:ALNY) with a Reduce rating and $56 (28% downside risk) price target citing the risk of a significant down move if the results from the APOLLO study on patisiran are less than expected (data release imminent).
- If APOLLO is successful, then investors will face additional financing to support a high cash burn.
- If and when the company launches patisiran, the ramp may be slower than hoped for due to the competitive landscape and relatively poor product profile. Mr. Marai mentions Ionis Pharmaceuticals' (NASDAQ:IONS) inotersen (formerly IONIS-TTRrx) as a negative catalyst. He estimates patisiran peak sales of $597M versus the consensus of ~$1B.
- Previously: Alnylam priced at perfection - JPMorgan (NYSE:JPM); shares off 5% (June 26)
- Now read: Alnylam Pharmaceuticals (ALNY) Presents At Alnylam's Fourth Annual RNAi Roundtable Series - Slideshow
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