JPMorgan upgraded Alnylam (ALNY) to Overweight from Neutral with a price target of $328, up from $280. The firm increased TTR silencer forecasts for to reflect a larger overall market opportunity in transthyretin amyloid cardiomyopathy after “positive results” from its survey of 30 U.S. cardiologists. Physician feedback in particular reinforced that the diagnosed ATTR-CM population has meaningful growth ahead, the analyst tells investors in a research note. JPMorgan says the survey also offered favorable feedback regarding the penetration of novel ATTR-CM products, which is expected to nearly triple over the next five years. It now models both a larger ATTR-CM market and higher overall sales for Alnylam’s Amvuttra over time.
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