William Blair initiated research coverage of Alnylam Pharmaceuticals, Inc. (ALNY $131.52), the premier commercial-stage siRNA therapeutics company. Alnylam has four approved therapies and over eight additional candidates in clinical development.
Analyst Myles Minter said, “The primary near-term investor focus for Alnylam shares is top-line data from the APOLLO-B trial of patisiran, branded as Onpattro, expected in mid-2022. Onpattro is a standard-of-care therapy in TTR-polyneuropathy patients and Alnylam’s leading revenue-generating asset. Positive data from APOLLO-B would permit Alnylam to file an sNDA for expanded use of Onpattro into transthyretin amyloidosis-cardiomyopathy, or ATTR-CM, which has a tenfold greater disease prevalence. The readout is risky and will be binary for the stock, but we believe that Alnylam’s trial conduct and supportive clinical data can turn the narrative from BridgeBio’s interim ATTRibute-CM failure. Trials in cardiac subpopulations in hereditary TTR polyneuropathy, or hATTR-PN, also show benefit of TTR silencers, and external registry studies confirm functional benefit. If APOLLO-B is negative, we still believe there would be promise for a cardiovascular outcome benefit to be demonstrated in the HELIOS-B trial of subcutaneous vutrisiran, with data expected in early 2024.”
Minter continued, “Beyond ATTR, Alnylam will have top-line data from the KARDIA-1 monotherapy trial of zilebesiran in mid-2023, top-line data from the Phase II monotherapy trial of cemdisiran in IgA nephropathy in the first half of 2022, and regulatory updates for fitusiran in hemophilia with Sanofi in 2024.”
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Current Ratings Distribution (as of 6/6/22)
Outperform (Buy): 76%
Market Perform (Hold): 24%
Underperform (Sell): 1%
Inv. Banking Relationships*
Outperform (Buy): 23%
Market Perform (Hold): 5%
Underperform (Sell): 0%
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