ALNY - Alnylam Pharmaceuticals is cut at Morgan Stanley to Equal-weight on concerns over trial outcome

Morgan Stanley downgraded biopharma company Alnylam (NASDAQ:ALNY) to Equal Weight from Overweight in a research note issued on Monday. The firm's price target dropped to $178 from $210, still implying a potential upside of 11% from stock's last close. ALNY share price is down 5% in early trading on Monday. Analyst Matthew Harrison told investors "For the APOLLO-B trial, baseline heart failure severity and trial conduct quality are important variables, though a lack of information on these two factors make it difficult to make a strong call on the outcome." As such, the analyst cited a "lack of conviction" on a higher probability of success relative to market expectations. He thinks Alnylam shares will trade to $210-$220 on positive data and $100-$120 on negative results. On the other side, H.C. Wainwright recently raised its price target on Alnylam's stock to $400 from $350, noting positivity around the company's TTR franchise. Seeking

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Alnylam Pharmaceuticals is cut at Morgan Stanley to Equal-weight on concerns over trial outcome