Alnylam Pharmaceuticals (NASDAQ:ALNY) Shares Gap Down - Here's Why

Key Points

• Alnylam shares gapped down from a prior close of $236.56 to open at $224.47, later trading near $233.35.
• Several analysts cut their price targets, although ratings remained broadly positive; the stock has a consensus “Moderate Buy” rating and a $386.14 average target.
• Alnylam exceeded quarterly EPS expectations with $1.84 versus $1.63 forecast, while revenue rose 66.9% year over year to $1.29 billion but fell short of estimates.

Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $236.56, but opened at $224.47. Alnylam Pharmaceuticals shares last traded at $233.35, with a volume of 288,927 shares trading hands.

Analyst Upgrades and Downgrades

ALNY has been the topic of several research reports. Morgan Stanley dropped their target price on shares of Alnylam Pharmaceuticals from $400.00 to $300.00 and set an "equal weight" rating on the stock in a report on Friday, July 31st. Barclays decreased their target price on shares of Alnylam Pharmaceuticals from $527.00 to $450.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Truist Financial dropped their price target on Alnylam Pharmaceuticals from $410.00 to $315.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Needham & Company LLC cut their price objective on Alnylam Pharmaceuticals from $510.00 to $357.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Finally, Citigroup reduced their price objective 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. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $386.14.

Alnylam Pharmaceuticals Stock Performance

The business's fifty day moving average is $263.44 and its 200-day moving average is $294.13. The company has a quick ratio of 2.99, a current ratio of 3.05 and a debt-to-equity ratio of 0.75. The company has a market cap of $31.57 billion, a PE ratio of 43.86 and a beta of 0.30.

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) last announced its earnings results on Thursday, July 30th. The biopharmaceutical company reported $1.84 EPS for the quarter, beating 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 business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same period in the prior year, the company earned ($0.51) earnings per share. The firm's revenue was up 66.9% on a year-over-year basis. As a group, research analysts predict that Alnylam Pharmaceuticals, Inc. will post 6.59 EPS for the current fiscal year.

Insider Activity

In other news, Director David E. I. Pyott sold 3,830 shares of the company's stock in a transaction on 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 completion of the sale, the director directly owned 1,582 shares in the company, valued at $473,302.76. This represents a 70.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.86% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alnylam Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System increased its position in Alnylam Pharmaceuticals by 30,461.4% in the second quarter. California State Teachers Retirement System now owns 60,164,157 shares of the biopharmaceutical company's stock worth $18,111,216,000 after buying an additional 59,967,294 shares in the last quarter. Geode Capital Management LLC increased its holdings in Alnylam Pharmaceuticals by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 2,650,722 shares of the biopharmaceutical company's stock worth $1,056,884,000 after acquiring an additional 151,480 shares in the last quarter. Norges Bank bought a new stake in Alnylam Pharmaceuticals during the 4th quarter worth approximately $895,816,000. Orbis Allan Gray Ltd lifted its holdings in Alnylam Pharmaceuticals by 29.8% during the second quarter. Orbis Allan Gray Ltd now owns 2,121,412 shares of the biopharmaceutical company's stock valued at $691,771,000 after purchasing an additional 486,489 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Alnylam Pharmaceuticals by 9.0% in the second quarter. Wellington Management Group LLP now owns 2,110,407 shares of the biopharmaceutical company's stock worth $635,296,000 after purchasing an additional 174,482 shares during the period. 92.97% of the stock is owned by institutional investors.

Alnylam Pharmaceuticals Company Profile

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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