Canaccord Genuity Group Forecasts Strong Price Appreciation for Alnylam Pharmaceuticals (NASDAQ:ALNY) Stock

Key Points

• Canaccord Genuity Group has raised its target price for Alnylam Pharmaceuticals from $390.00 to $415.00, indicating a potential upside of 5.02% from its current price, along with maintaining a "buy" rating.
• Multiple firms, including BMO Capital Markets and Barclays, have also increased their price targets on Alnylam stock, with Barclays setting a new target of $460.00.
• Alnylam Pharmaceuticals reported a quarterly revenue of $594.19 million, exceeding expectations, although its earnings per share fell short of the consensus estimate.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) had its target price raised by research analysts at Canaccord Genuity Group from $390.00 to $415.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's price target would indicate a potential upside of 5.02% from the company's current price.

Several other research firms have also weighed in on ALNY. BMO Capital Markets raised their price objective on shares of Alnylam Pharmaceuticals from $300.00 to $360.00 and gave the company an "outperform" rating in a research report on Tuesday, June 24th. Truist Financial started coverage on shares of Alnylam Pharmaceuticals in a research note on Monday, July 21st. They set a "buy" rating and a $385.00 price objective on the stock. Barclays lifted their price target on Alnylam Pharmaceuticals from $329.00 to $460.00 and gave the company an "overweight" rating in a research note on Friday. Wall Street Zen raised Alnylam Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Morgan Stanley raised their target price on Alnylam Pharmaceuticals from $312.00 to $405.00 and gave the company an "equal weight" rating in a research report on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $379.25.

Alnylam Pharmaceuticals Stock Up 0.7%

NASDAQ ALNY traded up $2.91 during trading on Friday, hitting $395.15. The company's stock had a trading volume of 626,126 shares, compared to its average volume of 917,588. The company has a debt-to-equity ratio of 8.88, a current ratio of 3.04 and a quick ratio of 2.98. The business's 50 day simple moving average is $316.00 and its 200-day simple moving average is $277.50. Alnylam Pharmaceuticals has a fifty-two week low of $205.87 and a fifty-two week high of $402.43. The company has a market cap of $51.52 billion, a PE ratio of -188.85 and a beta of 0.23.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The biopharmaceutical company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.07). The company had revenue of $594.19 million for the quarter, compared to analysts' expectations of $584.32 million. Alnylam Pharmaceuticals had a negative return on equity of 510.31% and a negative net margin of 11.49%. Alnylam Pharmaceuticals's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.16) EPS. On average, equities analysts anticipate that Alnylam Pharmaceuticals will post -1.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other Alnylam Pharmaceuticals news, CEO Yvonne Greenstreet sold 31,640 shares of Alnylam Pharmaceuticals stock in a transaction on Friday, May 30th. The shares were sold at an average price of $304.39, for a total transaction of $9,630,899.60. Following the sale, the chief executive officer owned 48,948 shares in the company, valued at $14,899,281.72. The trade was a 39.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alnylam Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. SVB Wealth LLC acquired a new stake in shares of Alnylam Pharmaceuticals during the 1st quarter worth approximately $27,000. Park Square Financial Group LLC purchased a new stake in Alnylam Pharmaceuticals during the fourth quarter worth $28,000. Whipplewood Advisors LLC grew its holdings in Alnylam Pharmaceuticals by 208.8% during the first quarter. Whipplewood Advisors LLC now owns 105 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 71 shares during the period. Bessemer Group Inc. raised its position in Alnylam Pharmaceuticals by 176.9% in the first quarter. Bessemer Group Inc. now owns 108 shares of the biopharmaceutical company's stock valued at $29,000 after purchasing an additional 69 shares during the period. Finally, Colonial Trust Co SC purchased a new stake in Alnylam Pharmaceuticals during the fourth quarter worth approximately $35,000. 92.97% of the stock is owned by institutional investors and hedge funds.

About Alnylam Pharmaceuticals

Alnylam Pharmaceuticals, Inc, a biopharmaceutical company, focuses on discovering, developing, and commercializing novel therapeutics based on ribonucleic acid interference. Its marketed products include ONPATTRO (patisiran) for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; AMVUTTRA for the treatment of hATTR amyloidosis with polyneuropathy in adults; GIVLAARI for the treatment of adults with acute hepatic porphyria; and OXLUMO for the treatment of primary hyperoxaluria type 1.

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