Alnylam Pharmaceuticals (NASDAQ:ALNY) Stock Price Target Cut by Canaccord Genuity Group

Key Points

• Canaccord Genuity lowered Alnylam Pharmaceuticals’ price target from $429 to $323 while maintaining a “buy” rating, implying roughly 95.8% upside from the prior close.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus rating and an average price target of $309.05, despite several firms recently cutting their targets.
• Alnylam reported strong quarterly results, including $16.26 in earnings per share versus the $1.66 consensus estimate and $1.46 billion in revenue, up 16.7% year over year.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) had its price objective reduced by Canaccord Genuity Group from $429.00 to $323.00 in a report issued on Monday, Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's price target would indicate a potential upside of 95.76% from the company's previous close.

Several other research firms have also recently weighed in on ALNY. Wells Fargo & Company decreased their target price on Alnylam Pharmaceuticals from $253.00 to $220.00 and set an "equal weight" rating for the company in a research note on Friday. BMO Capital Markets reaffirmed an "outperform" rating and set a $290.00 price objective on shares of Alnylam Pharmaceuticals in a research report on Friday. Barclays cut 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. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Alnylam Pharmaceuticals in a research note on Wednesday, September 30th. Finally, TD Cowen cut their price objective on Alnylam Pharmaceuticals from $482.00 to $354.00 and set a "buy" rating for the company in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, Alnylam Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $309.05.

Alnylam Pharmaceuticals Stock Performance

Shares of ALNY stock opened at $165.00 on Monday. The company has a market cap of $22.10 billion, a P/E ratio of 8.57 and a beta of 0.43. The firm has a fifty day moving average price of $236.49 and a 200 day moving average price of $286.19. The company has a current ratio of 2.48, a quick ratio of 2.43 and a debt-to-equity ratio of 0.18. Alnylam Pharmaceuticals has a 12 month low of $163.30 and a 12 month high of $479.79.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported $16.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $14.60. The company had revenue of $1.46 billion for the quarter, compared to analysts' expectations of $1.43 billion. Alnylam Pharmaceuticals had a return on equity of 155.33% and a net margin of 52.85%. Alnylam Pharmaceuticals's quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the firm earned $2.90 earnings per share. Sell-side analysts predict that Alnylam Pharmaceuticals will post 6.58 earnings per share for the current fiscal year.

Insider Activity at Alnylam Pharmaceuticals

In other news, EVP Bryan Supran sold 1,758 shares of the business's 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 of the company's stock, valued at $2,905,652.16. The trade was a 12.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 currently owned by company insiders.

Institutional Trading of Alnylam Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Toth Financial Advisory Corp purchased a new position in shares of Alnylam Pharmaceuticals during the 3rd quarter worth $25,000. Keating Financial Advisory Services Inc. purchased a new stake in Alnylam Pharmaceuticals in the 2nd quarter valued at about $42,000. Burkett Financial Services LLC acquired a new position in Alnylam Pharmaceuticals during the third quarter worth approximately $37,000. CoreCap Advisors LLC raised its position in shares of Alnylam Pharmaceuticals by 744.4% in the 3rd quarter. CoreCap Advisors LLC now owns 152 shares of the biopharmaceutical company's stock worth $38,000 after buying an additional 134 shares during the period. Finally, Ascentis Independent Advisors acquired a new position in shares of Alnylam Pharmaceuticals in the 1st quarter valued at about $64,000. Institutional investors and hedge funds own 92.97% of the company's stock.

About Alnylam Pharmaceuticals

Alnylam Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines based on RNA interference (RNAi). The company's therapies are designed to silence specific genes involved in disease, with the goal of addressing the underlying causes of genetic and other serious conditions.

Alnylam's marketed products include ONPATTRO (patisiran) and AMVUTTRA (vutrisiran) for hereditary transthyretin-mediated amyloidosis, GIVLAARI (givosiran) for acute hepatic porphyria, and OXLUMO (lumasiran) for primary hyperoxaluria type 1.

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