Alnylam Pharmaceuticals (NASDAQ:ALNY) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Alnylam Pharmaceuticals to “strong buy” from “hold.” Overall analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $366.90.
• Alnylam reported quarterly EPS of $1.84, exceeding the $1.63 analyst consensus, while revenue rose 66.9% year over year to $1.29 billion, slightly below estimates.
• Shares opened at $223.94, well below the 52-week high of $495.55. Institutional investors own approximately 92.97% of the company, while an executive recently sold shares to cover tax-withholding obligations.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Monday, Zacks reports.

ALNY has been the subject of a number of other research reports. HC Wainwright restated a "buy" rating and issued a $455.00 price objective on shares of Alnylam Pharmaceuticals in a research note on Monday, September 21st. Barclays dropped their price target on shares of Alnylam Pharmaceuticals from $527.00 to $450.00 and set an "overweight" rating for the company in a research report on Monday, August 3rd. Oppenheimer cut their price target on shares of Alnylam Pharmaceuticals from $500.00 to $350.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. Needham & Company LLC decreased their price objective on Alnylam Pharmaceuticals from $510.00 to $357.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Finally, Citigroup lowered their price objective on Alnylam Pharmaceuticals from $380.00 to $340.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $366.90.

Alnylam Pharmaceuticals Price Performance

Shares of NASDAQ:ALNY opened at $223.94 on Monday. Alnylam Pharmaceuticals has a 1-year low of $197.81 and a 1-year high of $495.55. The firm has a market capitalization of $29.97 billion, a PE ratio of 41.62 and a beta of 0.28. The business's 50 day moving average is $238.92 and its 200-day moving average is $279.01. The company has a current ratio of 3.05, a quick ratio of 2.99 and a debt-to-equity ratio of 0.75.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported $1.84 EPS for the quarter, beating analysts' consensus estimates of $1.63 by $0.21. Alnylam Pharmaceuticals had a return on equity of 84.93% and a net margin of 15.26%.The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the company posted ($0.51) earnings per share. Alnylam Pharmaceuticals's revenue was up 66.9% on a year-over-year basis. Sell-side analysts predict that Alnylam Pharmaceuticals will post 6.71 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Bryan Supran sold 1,758 shares of Alnylam Pharmaceuticals stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $226.88, for a total value of $398,855.04. Following the completion of the transaction, the executive vice president owned 12,807 shares in the company, valued at approximately $2,905,652.16. The trade was a 12.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.86% of the company's stock.

Institutional Investors Weigh In On Alnylam Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc bought a new stake in shares of Alnylam Pharmaceuticals during the second quarter valued at approximately $278,321,000. Bank of New York Mellon Corp bought a new position in Alnylam Pharmaceuticals in the 2nd quarter valued at $148,128,000. Canada Pension Plan Investment Board bought a new position in Alnylam Pharmaceuticals in the 2nd quarter valued at $100,618,000. Korea Investment CORP acquired a new stake in shares of Alnylam Pharmaceuticals in the 2nd quarter valued at $74,553,000. Finally, Wellington Management Group LLP raised its position in shares of Alnylam Pharmaceuticals by 9.0% during the second quarter. Wellington Management Group LLP now owns 2,110,407 shares of the biopharmaceutical company's stock worth $635,296,000 after acquiring an additional 174,482 shares during the last quarter. 92.97% of the stock is owned by institutional investors and hedge funds.

Alnylam Pharmaceuticals Company Profile

Alnylam Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines based on RNA interference (RNAi), a biological process that can selectively reduce the production of disease-causing proteins. The company was founded in 2002 and is headquartered in Cambridge, Massachusetts.

Alnylam's commercial products include ONPATTRO (patisiran), an RNAi therapy for hereditary transthyretin-mediated amyloidosis with polyneuropathy; GIVLAARI (givosiran), for acute hepatic porphyria; OXLUMO (lumasiran), for primary hyperoxaluria type 1; and AMVUTTRA (vutrisiran), for transthyretin-mediated amyloidosis.

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