Bank of America Cuts Alnylam Pharmaceuticals (NASDAQ:ALNY) Price Target to $410.00

Key Points

• Bank of America lowered its price target on Alnylam Pharmaceuticals from $460 to $410 but kept a buy rating, implying about 45% upside from the current share price.
• The stock was down 2.1% on Tuesday to $281.88, leaving it well below the revised targets and near the lower end of its 52-week range.
• Alnylam recently reported strong quarterly results, with EPS of $1.99 versus $0.87 expected and revenue up 96.4% year over year to $1.17 billion.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) had its price objective cut by equities research analysts at Bank of America from $460.00 to $410.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. Bank of America's price target indicates a potential upside of 45.45% from the company's current price.

Several other brokerages also recently commented on ALNY. Truist Financial cut their price target on shares of Alnylam Pharmaceuticals from $505.00 to $410.00 and set a "buy" rating on the stock in a report on Monday. HC Wainwright boosted their target price on Alnylam Pharmaceuticals from $470.00 to $485.00 and gave the company a "buy" rating in a research report on Monday. Morgan Stanley upped their target price on Alnylam Pharmaceuticals from $370.00 to $400.00 and gave the company an "equal weight" rating in a research note on Friday. Wells Fargo & Company increased their price target on Alnylam Pharmaceuticals from $376.00 to $377.00 and gave the stock an "equal weight" rating in a report on Friday, May 1st. Finally, Jefferies Financial Group restated a "hold" rating and set a $330.00 price objective (down from $522.00) on shares of Alnylam Pharmaceuticals in a report on Monday, March 16th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $455.31.

Alnylam Pharmaceuticals Trading Down 2.1%

Shares of NASDAQ:ALNY traded down $6.17 during trading on Tuesday, hitting $281.88. The company had a trading volume of 111,178 shares, compared to its average volume of 1,296,914. The stock has a market cap of $37.63 billion, a price-to-earnings ratio of 76.64 and a beta of 0.27. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.13 and a quick ratio of 3.06. The company has a fifty day simple moving average of $295.84 and a two-hundred day simple moving average of $324.14. Alnylam Pharmaceuticals has a one year low of $273.11 and a one year high of $495.55.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) last released its earnings results on Thursday, April 30th. The biopharmaceutical company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $0.87 by $1.12. Alnylam Pharmaceuticals had a return on equity of 85.76% and a net margin of 11.72%.The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the company posted ($0.44) EPS. The company's revenue for the quarter was up 96.4% compared to the same quarter last year. As a group, equities analysts forecast that Alnylam Pharmaceuticals will post 7.29 earnings per share for the current year.

Insider Buying and Selling at Alnylam Pharmaceuticals

In other news, Director David E. I. Pyott sold 3,830 shares of the company's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $299.18, for a total value of $1,145,859.40. Following the completion of the sale, the director owned 1,582 shares of the company's stock, valued at approximately $473,302.76. This represents a 70.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.86% of the company's stock.

Institutional Trading of Alnylam Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the stock. First Horizon Corp increased its holdings in shares of Alnylam Pharmaceuticals by 20.7% in the 4th quarter. First Horizon Corp now owns 163 shares of the biopharmaceutical company's stock valued at $65,000 after acquiring an additional 28 shares during the period. Yousif Capital Management LLC lifted its stake in shares of Alnylam Pharmaceuticals by 1.8% during the 4th quarter. Yousif Capital Management LLC now owns 1,676 shares of the biopharmaceutical company's stock worth $666,000 after purchasing an additional 29 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Alnylam Pharmaceuticals by 0.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 12,941 shares of the biopharmaceutical company's stock worth $4,220,000 after purchasing an additional 35 shares during the last quarter. Golden State Wealth Management LLC boosted its position in Alnylam Pharmaceuticals by 100.0% during the fourth quarter. Golden State Wealth Management LLC now owns 72 shares of the biopharmaceutical company's stock valued at $29,000 after purchasing an additional 36 shares in the last quarter. Finally, Everpar Advisors LLC grew its stake in Alnylam Pharmaceuticals by 6.3% in the fourth quarter. Everpar Advisors LLC now owns 620 shares of the biopharmaceutical company's stock valued at $247,000 after purchasing an additional 37 shares during the last quarter. Hedge funds and other institutional investors 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.

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