BMO Capital Markets Initiates Coverage on Alnylam Pharmaceuticals (NASDAQ:ALNY)

Key Points

• BMO Capital Markets initiated coverage of Alnylam Pharmaceuticals with an “outperform” rating and a $318 price target, implying approximately 39.1% upside from the reported $228.61 share price.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $386.62, despite several firms recently lowering their targets.
• Alnylam exceeded quarterly earnings expectations, reporting $1.84 in EPS versus the $1.63 consensus estimate, while revenue rose 66.9% year over year to $1.29 billion.

BMO Capital Markets initiated coverage on shares of Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage set an "outperform" rating and a $318.00 price target on the biopharmaceutical company's stock. BMO Capital Markets' target price suggests a potential upside of 39.10% from the company's current price.

A number of other analysts have also recently issued reports on the company. Chardan Capital reissued a "buy" rating and set a $425.00 target price on shares of Alnylam Pharmaceuticals in a research note on Friday, July 31st. Truist Financial cut their price target on shares of Alnylam Pharmaceuticals from $410.00 to $315.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Bank of America reduced their price target on shares of Alnylam Pharmaceuticals from $460.00 to $410.00 and set a "buy" rating for the company in a report on Tuesday, July 14th. Oppenheimer lowered their price objective on shares of Alnylam Pharmaceuticals from $500.00 to $350.00 and set an "outperform" rating for the company in a research report on Friday, July 31st. Finally, Wells Fargo & Company dropped their price objective on shares of Alnylam Pharmaceuticals from $316.00 to $256.00 and set an "equal weight" rating on the stock in a report on Friday, August 14th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $386.62.

Alnylam Pharmaceuticals Stock Up 1.8%

NASDAQ:ALNY opened at $228.61 on Wednesday. Alnylam Pharmaceuticals has a 1 year low of $197.81 and a 1 year high of $495.55. The stock has a 50-day moving average price of $270.12 and a two-hundred day moving average price of $299.25. The stock has a market cap of $30.59 billion, a price-to-earnings ratio of 42.49 and a beta of 0.30. 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 released its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $1.84 EPS for the quarter, topping 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 company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm posted ($0.51) earnings per share. Alnylam Pharmaceuticals's revenue was up 66.9% compared to the same quarter last year. As a group, equities analysts expect that Alnylam Pharmaceuticals will post 6.59 earnings per share for the current year.

Insider Activity

In related news, Director David E. I. Pyott sold 3,830 shares of Alnylam Pharmaceuticals stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $299.18, for a total value of $1,145,859.40. Following the sale, the director owned 1,582 shares of the company's stock, valued at approximately $473,302.76. The trade was a 70.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.86% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. MV Capital Management Inc. bought a new stake in shares of Alnylam Pharmaceuticals during the 4th quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Alnylam Pharmaceuticals in the third quarter valued at $29,000. HM Payson & Co. bought a new position in shares of Alnylam Pharmaceuticals in the fourth quarter valued at $27,000. Golden State Wealth Management LLC increased its holdings 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 worth $29,000 after buying an additional 36 shares during the last quarter. Finally, Manchester Capital Management LLC increased its holdings in Alnylam Pharmaceuticals by 600.0% during the fourth quarter. Manchester Capital Management LLC now owns 84 shares of the biopharmaceutical company's stock worth $33,000 after buying an additional 72 shares during the last quarter. 92.97% of the stock is currently owned by institutional investors.

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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