Alnylam Pharmaceuticals (NASDAQ:ALNY) Given New $256.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo cut Alnylam Pharmaceuticals’ price target from $316 to $256 while maintaining an “equal weight” rating, implying 14.71% upside from the stock’s previous close.
• Several analysts also lowered their targets, though ratings remain broadly positive; MarketBeat reports a “Moderate Buy” consensus and an average price target of $393.86.
• Alnylam shares fell $3.94 to $223.18 in Friday trading, with the stock well below its 50-day and 200-day moving averages and down from its one-year high of $495.55.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) had its price target dropped by investment analysts at Wells Fargo & Company from $316.00 to $256.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's target price would indicate a potential upside of 14.71% from the stock's previous close.

Other research analysts have also issued reports about the company. Morgan Stanley decreased their price objective on Alnylam Pharmaceuticals from $400.00 to $300.00 and set an "equal weight" rating on the stock in a research report on Friday, July 31st. Citigroup dropped their target price on Alnylam Pharmaceuticals from $380.00 to $340.00 and set a "buy" rating for the company in a research report on Monday, August 3rd. Wall Street Zen lowered Alnylam Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Sunday, August 2nd. JPMorgan Chase & Co. decreased their price target on Alnylam Pharmaceuticals from $400.00 to $375.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Finally, Barclays lowered their price objective on Alnylam Pharmaceuticals from $527.00 to $450.00 and set an "overweight" rating for the company in a research report on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $393.86.

Alnylam Pharmaceuticals Price Performance

Shares of ALNY traded down $3.94 during mid-day trading on Friday, hitting $223.18. 310,395 shares of the company traded hands, compared to its average volume of 1,418,360. The company has a current ratio of 3.05, a quick ratio of 2.99 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $29.86 billion, a price-to-earnings ratio of 41.49 and a beta of 0.30. The business has a 50-day moving average of $274.35 and a 200 day moving average of $301.95. Alnylam Pharmaceuticals has a one year low of $197.81 and a one year high of $495.55.

Insider Buying and Selling at Alnylam Pharmaceuticals

In other news, Director David E. I. Pyott sold 3,830 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $299.18, for a total value of $1,145,859.40. Following the transaction, the director owned 1,582 shares of the company's stock, valued at $473,302.76. This represents a 70.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.86% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alnylam Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the stock. iA Global Asset Management Inc. lifted its stake in Alnylam Pharmaceuticals by 979.5% in the 4th quarter. iA Global Asset Management Inc. now owns 17,780 shares of the biopharmaceutical company's stock valued at $7,070,000 after acquiring an additional 16,133 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new position in shares of Alnylam Pharmaceuticals during the 4th quarter worth approximately $2,505,000. GF Fund Management CO. LTD. grew its stake in shares of Alnylam Pharmaceuticals by 989.1% during the 4th quarter. GF Fund Management CO. LTD. now owns 30,462 shares of the biopharmaceutical company's stock worth $12,113,000 after acquiring an additional 27,665 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Alnylam Pharmaceuticals by 22.6% in the fourth quarter. Hsbc Holdings PLC now owns 89,517 shares of the biopharmaceutical company's stock valued at $35,675,000 after purchasing an additional 16,503 shares during the last quarter. Finally, Brighton Jones LLC acquired a new stake in shares of Alnylam Pharmaceuticals in the fourth quarter valued at approximately $243,000. Institutional investors and hedge funds own 92.97% of the company's stock.

About Alnylam Pharmaceuticals

Alnylam Pharmaceuticals, Inc NASDAQ: ALNY is a biopharmaceutical company focused on the discovery, development and commercialization of RNA interference (RNAi) therapeutics. Founded to translate the scientific discovery of RNAi into new medicines, Alnylam applies small interfering RNA (siRNA) technology to silence disease-causing genes. The company develops therapies designed to provide durable disease modification by targeting underlying genetic drivers across a range of rare and more prevalent conditions.

Alnylam has advanced multiple siRNA-based products into commercialization, initially using lipid nanoparticle delivery and more recently employing GalNAc-conjugate chemistry to enable targeted delivery to the liver with subcutaneous dosing.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source