Alnylam Pharmaceuticals (NASDAQ:ALNY) Stock Rated “Buy” in New Coverage at UBS Group

UBS Group assumed coverage on shares of Alnylam Pharmaceuticals (NASDAQ:ALNY) in a note issued to investors on Thursday. The firm set a “buy” rating and a $354.00 price target on the biopharmaceutical company’s stock. UBS Group’s target price would indicate a potential upside of 51.59% from the stock’s previous close.

A number of other brokerages have also commented on ALNY. Jefferies Financial Group increased their price objective on shares of Alnylam Pharmaceuticals from $230.00 to $260.00 and gave the stock a “hold” rating in a report on Tuesday, September 8th. Weiss Ratings raised shares of Alnylam Pharmaceuticals from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 31st. HC Wainwright reiterated a “buy” rating and set a $455.00 target price on shares of Alnylam Pharmaceuticals in a research report on Monday, September 21st. Royal Bank Of Canada reduced their target price on shares of Alnylam Pharmaceuticals from $350.00 to $345.00 and set an “outperform” rating on the stock in a research report on Thursday, October 8th. Finally, TD Cowen reissued a “buy” rating on shares of Alnylam Pharmaceuticals in a research note on Monday, August 31st. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Alnylam Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $364.95.

Alnylam Pharmaceuticals Price Performance

Shares of ALNY stock traded up $9.05 during trading hours on Thursday, hitting $233.53. 557,600 shares of the company’s stock were exchanged, compared to its average volume of 1,436,235. The stock’s 50-day moving average is $238.74 and its 200-day moving average is $275.22. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.05 and a quick ratio of 2.99. The stock has a market cap of $31.25 billion, a price-to-earnings ratio of 43.38 and a beta of 0.28. Alnylam Pharmaceuticals has a 52 week low of $197.81 and a 52 week high of $495.55.

Alnylam Pharmaceuticals (NASDAQ:ALNY) last announced its earnings results on Thursday, July 30th. The biopharmaceutical company reported $1.84 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the company posted ($0.51) earnings per share. The firm’s quarterly revenue was up 66.9% compared to the same quarter last year. As a group, research analysts forecast that Alnylam Pharmaceuticals will post 6.68 EPS for the current year.

Insider Buying and Selling

In other news, EVP Bryan Supran sold 1,758 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $226.88, for a total value of $398,855.04. Following the transaction, the executive vice president owned 12,807 shares of the company’s stock, valued at $2,905,652.16. This represents a 12.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.86% of the company’s stock.

Hedge Funds Weigh In On Alnylam Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in ALNY. Legal & General Group Plc acquired a new position in shares of Alnylam Pharmaceuticals during the 2nd quarter worth about $278,321,000. Bank of New York Mellon Corp acquired a new stake in shares of Alnylam Pharmaceuticals in the 2nd quarter valued at approximately $148,128,000. Canada Pension Plan Investment Board acquired a new stake in shares of Alnylam Pharmaceuticals in the 2nd quarter valued at approximately $100,618,000. Korea Investment CORP acquired a new stake in shares of Alnylam Pharmaceuticals in the 2nd quarter valued at approximately $74,553,000. Finally, Wellington Management Group LLP boosted its stake in Alnylam Pharmaceuticals by 9.0% during the 2nd quarter. Wellington Management Group LLP now owns 2,110,407 shares of the biopharmaceutical company’s stock worth $635,296,000 after acquiring an additional 174,482 shares during the last quarter. Institutional investors and hedge funds own 92.97% of the company’s stock.

Alnylam Pharmaceuticals Company Profile

Alnylam Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines based on RNA interference (RNAi), a biological process that can selectively reduce the production of disease-causing proteins. The company was founded in 2002 and is headquartered in Cambridge, Massachusetts.

Alnylam’s commercial products include ONPATTRO (patisiran), an RNAi therapy for hereditary transthyretin-mediated amyloidosis with polyneuropathy; GIVLAARI (givosiran), for acute hepatic porphyria; OXLUMO (lumasiran), for primary hyperoxaluria type 1; and AMVUTTRA (vutrisiran), for transthyretin-mediated amyloidosis.