Alnylam Pharma: Hold Rating Amid EU Approval Prospects and Pricing Challenges

Morgan Stanley analyst Michael Ulz maintained a Hold rating on Alnylam Pharma (ALNY – Research Report) yesterday and set a price target of $268.00.

Michael Ulz has given his Hold rating due to a combination of factors surrounding Alnylam Pharma’s recent developments. The positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use on vutrisiran for ATTR-CM suggests a likely approval in the EU by June, which aligns with expectations but is slightly earlier than previously anticipated. While this is a positive step, the pricing strategy for Amvuttra, which is significantly higher than its competitors, may pose challenges in market adoption.
Furthermore, although Amvuttra has already been approved in the US, the late timing of this approval in the first quarter of 2025 suggests that substantial sales contributions are not expected until the latter half of the year. This delay in revenue generation, coupled with the need for formulary access, contributes to the cautious outlook. As such, the Hold rating reflects a balance between the potential growth from new approvals and the uncertainties related to pricing and market penetration.

In another report released yesterday, Cantor Fitzgerald also initiated coverage with a Hold rating on the stock with a $250.00 price target.

Based on the recent corporate insider activity of 75 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ALNY in relation to earlier this year.