ALNY - Alnylam defended at Cantor after selloff on CEO departure

Cantor Fitzgerald reiterated the overweight rating on Alnylam Pharmaceuticals (ALNY -1.6%) even after the company shares tanked on Thursday amid concerns over the departure of its founding CEO John Maraganore after 19-years at the helm. As the announcement coincided with worse than expected financials for Q3 2021, Alnylam (NASDAQ:ALNY) reached over a four-month low, recording the second biggest intraday loss in five years. However, Cantor analyst Alethia Young thinks that the biotech “is in very capable hands,” as the company’s current COO/ President Yvonne Greenstreet is set to take over the leadership at the end of the year. “We don’t believe Dr. Maraganore’s departure is some sort of smoking gun, but rather it is natural and the company has a broad set of talent and leaders,” Young wrote in a note on Thursday, reiterating the Overweight rating on the stock. Citing the COVID-19 impact on companies during the Q3, the analyst

For further details see:

Alnylam defended at Cantor after selloff on CEO departure