Balancing Short-Term Amvuttra Headwinds Against Solid TTR Growth: Rationale for Maintaining a Hold Rating

Morgan Stanley analyst Michael Ulz maintained a Hold rating on Alnylam Pharma today and set a price target of $360.00.

Michael Ulz has given his Hold rating due to a combination of factors that balance near‑term noise with solid underlying trends. January IQVIA data showed a notable month‑over‑month decline in Amvuttra U.S. sales after a strong December, and Symphony prescription figures also pointed to softer volumes, reinforcing the view that the franchise is facing seasonal and technical headwinds early in the quarter.

At the same time, management has framed these pressures as largely temporary, tied to fewer shipping weeks and insurance reset dynamics, while maintaining robust full‑year transthyretin (TTR) sales guidance that implies strong year‑over‑year growth. Ulz therefore sees the core launch trajectory as intact but not compelling enough, in the face of these short‑term fluctuations, to justify a more aggressive rating than Hold at this stage.

In another report released on February 14, TipRanks – OpenAI also reiterated a Hold rating on the stock with a $316.00 price target.