We have downgraded our rating on
Alnylam Pharmaceuticals, Inc
) from Outperform to Neutral with a target price of $11.00 per
Alnylam Pharmaceuticals Inc. is a biopharmaceutical company
developing novel therapeutics based on a biological breakthrough
technology known as RNA (Ribo Nucleic Acid) interference (RNAi).
Alnylam is currently utilizing this know-how to build a pipeline of
drug candidates for the treatment of a wide array of diseases.
Alnylam's core product strategy, Alnylam 5x15, is aimed at
developing RNAi therapeutic products for the treatment of
genetically defined diseases addressing major unmet medical needs.
Alnylam expects to have five such RNAi therapeutic programs in
advanced clinical development by the end of 2015. These include
ALN-PCS (for hypercholesterolemia), second generation ALN-TTR
(transthyretin (TTR) mediated amyloidosis or ATTR), ALN-HPN
(refractory anemia), ALN-APC (hemophilia) and ALN-TMP
(hemoglobinopathies like beta-thalassemia and sickle cell
Furthermore, the company is developing ALN-RSV01 for the
treatment of respiratory syncytial virus, or RSV, infection;
ALN-VSP for the treatment of liver cancers; and ALN-HTT for the
treatment of Huntington's disease, or HD, through existing or
The year 2012 is important for the company with many a program
expected to report data. Preliminary data was presented in early
January 2012 from the phase I study of ALN-PCS for the treatment of
severe hypercholesterolemia. The data showed that ALN-PCS led to
robust and statistically significant silencing of the protein
target PCSK9 and over 50% reduction in levels of LDL (bad)
cholesterol. Additional data from the study is expected in the
first half of 2012. For ALN-HPN, an investigational new drug (
) application is expected to be filed in 2012. Data from a
mid-stage study of ALN-RSV01 in RSV-infected lung transplantations
is expected in mid 2012. Alnylam expects to file an IND application
for ALN-HTT in the second half of 2012.
We like the "5X15" initiative and are pleased with the progress
of the company's pipeline. However, we prefer to wait and see how
the year shapes up for Alnylam and whether the data presentations
increase visibility on approvability of the pipeline candidates. On
a cautious note, we have downgraded our rating on the stock from
Outperform to Neutral.
ALNYLAM PHARMA (
): Free Stock Analysis Report
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