Alnylam Pharmaceuticals (NASDAQ:ALNY) Trading 16% Higher After Analyst Upgrade

Key Points

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Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY - Get Free Report)'s stock price traded up 16% during mid-day trading on Thursday after Scotiabank raised their price target on the stock from $342.00 to $450.00. Scotiabank currently has a sector outperform rating on the stock. Alnylam Pharmaceuticals traded as high as $391.88 and last traded at $394.19. 725,259 shares traded hands during trading, a decline of 19% from the average session volume of 900,359 shares. The stock had previously closed at $339.80.

A number of other analysts have also recently issued reports on the company. Canaccord Genuity Group boosted their target price on Alnylam Pharmaceuticals from $390.00 to $415.00 and gave the stock a "buy" rating in a report on Friday. Needham & Company LLC boosted their price objective on shares of Alnylam Pharmaceuticals from $377.00 to $478.00 and gave the stock a "buy" rating in a research note on Thursday. Barclays increased their price objective on shares of Alnylam Pharmaceuticals from $329.00 to $460.00 and gave the stock an "overweight" rating in a research report on Friday. JPMorgan Chase & Co. lifted their target price on shares of Alnylam Pharmaceuticals from $338.00 to $348.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Finally, Bank of America increased their price target on Alnylam Pharmaceuticals from $336.00 to $359.00 and gave the company a "buy" rating in a report on Friday, July 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $392.13.

Insiders Place Their Bets

In related news, CEO Yvonne Greenstreet sold 31,640 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $304.39, for a total value of $9,630,899.60. Following the completion of the transaction, the chief executive officer owned 48,948 shares of the company's stock, valued at approximately $14,899,281.72. This trade represents a 39.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Alnylam Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in ALNY. Capital Research Global Investors boosted its stake in Alnylam Pharmaceuticals by 32.9% in the 4th quarter. Capital Research Global Investors now owns 6,968,513 shares of the biopharmaceutical company's stock valued at $1,639,767,000 after purchasing an additional 1,724,610 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in shares of Alnylam Pharmaceuticals by 39.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,384,449 shares of the biopharmaceutical company's stock valued at $1,031,705,000 after purchasing an additional 1,245,195 shares in the last quarter. Vanguard Group Inc. boosted its position in Alnylam Pharmaceuticals by 2.5% in the first quarter. Vanguard Group Inc. now owns 13,056,605 shares of the biopharmaceutical company's stock valued at $3,525,544,000 after buying an additional 323,206 shares in the last quarter. Marshall Wace LLP grew its position in Alnylam Pharmaceuticals by 496.6% during the 4th quarter. Marshall Wace LLP now owns 378,649 shares of the biopharmaceutical company's stock worth $89,100,000 after acquiring an additional 315,182 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in Alnylam Pharmaceuticals by 60.9% in the 4th quarter. AQR Capital Management LLC now owns 813,356 shares of the biopharmaceutical company's stock valued at $191,391,000 after buying an additional 307,702 shares during the last quarter. 92.97% of the stock is owned by institutional investors.

Alnylam Pharmaceuticals Price Performance

The stock has a market cap of $52.39 billion, a P/E ratio of -162.67 and a beta of 0.25. The company's 50 day moving average price is $318.24 and its 200-day moving average price is $278.61. The company has a quick ratio of 2.98, a current ratio of 3.04 and a debt-to-equity ratio of 8.88.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.37) by ($0.07). Alnylam Pharmaceuticals had a negative return on equity of 444.38% and a negative net margin of 12.96%. The company had revenue of $594.19 million for the quarter, compared to the consensus estimate of $584.32 million. During the same quarter last year, the business earned ($0.16) earnings per share. Alnylam Pharmaceuticals's revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts expect that Alnylam Pharmaceuticals, Inc. will post -1.7 earnings per share for the current year.

About Alnylam Pharmaceuticals

Alnylam Pharmaceuticals, Inc, a biopharmaceutical company, focuses on discovering, developing, and commercializing novel therapeutics based on ribonucleic acid interference. Its marketed products include ONPATTRO (patisiran) for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; AMVUTTRA for the treatment of hATTR amyloidosis with polyneuropathy in adults; GIVLAARI for the treatment of adults with acute hepatic porphyria; and OXLUMO for the treatment of primary hyperoxaluria type 1.