Scotiabank Issues Positive Forecast for Alnylam Pharmaceuticals (NASDAQ:ALNY) Stock Price

Key Points

• Scotiabank raised its price objective for Alnylam Pharmaceuticals from $342.00 to $450.00, indicating a potential upside of 12% from the previous close.
• Multiple brokerage firms upgraded their price targets for Alnylam, with Citigroup and Piper Sandler setting targets of $404.00 and $449.00, respectively, while maintaining "buy" ratings.
• Alnylam Pharmaceuticals recently reported a quarterly revenue of $594.19 million, surpassing expectations, although it posted a loss with earnings per share of ($0.44).

Alnylam Pharmaceuticals (NASDAQ:ALNY - Get Free Report) had its price objective increased by research analysts at Scotiabank from $342.00 to $450.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the biopharmaceutical company's stock. Scotiabank's price objective indicates a potential upside of 12.00% from the company's previous close.

ALNY has been the subject of several other research reports. Citigroup upped their price target on shares of Alnylam Pharmaceuticals from $364.00 to $404.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Morgan Stanley increased their price objective on shares of Alnylam Pharmaceuticals from $312.00 to $405.00 and gave the stock an "equal weight" rating in a report on Friday. Piper Sandler raised their target price on shares of Alnylam Pharmaceuticals from $304.00 to $449.00 and gave the company an "overweight" rating in a research note on Friday. Chardan Capital raised their target price on shares of Alnylam Pharmaceuticals from $325.00 to $400.00 and gave the stock a "buy" rating in a report on Friday. Finally, Truist Financial initiated coverage on shares of Alnylam Pharmaceuticals in a research report on Monday, July 21st. They issued a "buy" rating and a $385.00 price target for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $392.13.

Alnylam Pharmaceuticals Stock Performance

NASDAQ ALNY traded up $9.56 during trading on Friday, reaching $401.80. The company's stock had a trading volume of 1,780,973 shares, compared to its average volume of 926,628. Alnylam Pharmaceuticals has a twelve month low of $205.87 and a twelve month high of $402.43. The company has a debt-to-equity ratio of 8.88, a quick ratio of 2.98 and a current ratio of 3.04. The business's fifty day moving average price is $316.00 and its 200-day moving average price is $277.50. The firm has a market cap of $52.39 billion, a price-to-earnings ratio of -192.25 and a beta of 0.23.

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

Insider Activity

In related news, CEO Yvonne Greenstreet sold 19,297 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $306.00, for a total value of $5,904,882.00. Following the sale, the chief executive officer directly owned 48,948 shares of the company's stock, valued at $14,978,088. This trade represents a 28.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Alnylam Pharmaceuticals

Several large investors have recently bought and sold shares of the company. Howard Capital Management Inc. bought a new stake in shares of Alnylam Pharmaceuticals during the second quarter valued at approximately $271,000. Motley Fool Asset Management LLC increased its stake in Alnylam Pharmaceuticals by 10.3% in the 2nd quarter. Motley Fool Asset Management LLC now owns 6,652 shares of the biopharmaceutical company's stock worth $2,169,000 after acquiring an additional 623 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Alnylam Pharmaceuticals by 11.5% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 30,015 shares of the biopharmaceutical company's stock valued at $9,788,000 after purchasing an additional 3,100 shares during the last quarter. Teacher Retirement System of Texas grew its position in Alnylam Pharmaceuticals by 3.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 36,408 shares of the biopharmaceutical company's stock worth $11,872,000 after acquiring an additional 1,123 shares during the last quarter. Finally, Convergence Investment Partners LLC purchased a new stake in Alnylam Pharmaceuticals in the 2nd quarter worth approximately $737,000. 92.97% of the stock is currently owned by institutional investors.

Alnylam Pharmaceuticals Company Profile

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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