Alnylam Pharmaceuticals (NASDAQ:ALNY) Stock Gets Price Target Reduction from Wells Fargo & Company

Key Points

• Wells Fargo cut Alnylam Pharmaceuticals’ price target from $256 to $253 while maintaining an “equal weight” rating, implying about 12% upside from the stock’s quoted price of $225.82.
• Analyst sentiment remains broadly positive, with MarketBeat reporting a consensus “Moderate Buy” rating and an average price target of $366.50.
• Alnylam reported quarterly earnings of $1.84 per share, beating estimates of $1.63, while revenue rose 66.9% year over year to $1.29 billion; institutional investors own approximately 92.97% of the shares.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) had its price target cut by research analysts at Wells Fargo & Company from $256.00 to $253.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's price target suggests a potential upside of 12.04% from the stock's current price.

Several other brokerages have also recently commented on ALNY. BMO Capital Markets reissued an "outperform" rating on shares of Alnylam Pharmaceuticals in a research report on Monday, August 31st. Raymond James Financial raised Alnylam Pharmaceuticals from an "outperform" rating to a "strong-buy" rating and set a $420.00 target price on the stock in a research report on Monday, August 3rd. Needham & Company LLC dropped their target price on Alnylam Pharmaceuticals from $510.00 to $357.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Citigroup reduced their price target 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. Finally, Stifel Nicolaus reduced their price target on Alnylam Pharmaceuticals from $444.00 to $318.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $366.50.

Alnylam Pharmaceuticals Price Performance

NASDAQ ALNY traded up $2.00 on Wednesday, hitting $225.82. 186,211 shares of the company were exchanged, compared to its average volume of 1,435,658. Alnylam Pharmaceuticals has a 1-year low of $197.81 and a 1-year high of $495.55. The firm has a 50 day moving average of $238.83 and a two-hundred day moving average of $275.95. 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 company has a market cap of $30.22 billion, a P/E ratio of 41.85 and a beta of 0.28.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) last announced its earnings results on Thursday, July 30th. The biopharmaceutical company reported $1.84 earnings per share for the quarter, topping analysts' consensus estimates of $1.63 by $0.21. Alnylam Pharmaceuticals had a net margin of 15.26% and a return on equity of 84.93%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm posted ($0.51) earnings per share. The company's revenue was up 66.9% on a year-over-year basis. On average, equities analysts predict that Alnylam Pharmaceuticals will post 6.68 EPS for the current year.

Insider Activity

In other news, EVP Bryan Supran sold 1,758 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 12,807 shares of the company's stock, valued at approximately $2,905,652.16. This represents a 12.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.86% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Nova Scotia raised its holdings in Alnylam Pharmaceuticals by 0.6% in the 1st quarter. Bank of Nova Scotia now owns 7,798 shares of the biopharmaceutical company's stock valued at $2,580,000 after acquiring an additional 49 shares during the last quarter. Prestige Wealth Management Group LLC boosted its holdings in shares of Alnylam Pharmaceuticals by 30.6% during the 1st quarter. Prestige Wealth Management Group LLC now owns 226 shares of the biopharmaceutical company's stock worth $75,000 after purchasing an additional 53 shares during the last quarter. Glenmede Trust Co. NA grew its position in shares of Alnylam Pharmaceuticals by 8.3% in the first quarter. Glenmede Trust Co. NA now owns 731 shares of the biopharmaceutical company's stock valued at $242,000 after purchasing an additional 56 shares in the last quarter. MV Capital Management Inc. acquired a new stake in shares of Alnylam Pharmaceuticals in the fourth quarter valued at approximately $25,000. Finally, Parallel Advisors LLC increased its holdings in shares of Alnylam Pharmaceuticals by 7.9% in the first quarter. Parallel Advisors LLC now owns 891 shares of the biopharmaceutical company's stock valued at $295,000 after purchasing an additional 65 shares during the last quarter. 92.97% of the stock is owned by institutional investors.

About Alnylam Pharmaceuticals

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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