EIDX - Alnylam shares downgraded by Citi amid competitive threats

Citi analyst Joel Beatty has downgraded shares of Alnylam (ALNY) from buy/high risk to neutral/high risk amid upside threats.Beatty, however, increased his price target $5 to $175.He cities competitor threats to Alnylam's hereditary ATTR (amyloidosis) business from Eidos Therapeutics' (EIDX) acoramidis, as well as gene editing."We see a high likelihood that positive clinical data from at least one of these two competitive threats will negatively impact [Alnylam] over the next 12 months," Beatty notes.However, he adds that the downside will be mitigated by "solid commercial performance," advancing pipeline candidates, and a "catalyst-rich 2022."Shares are down 0.8% to $164.10 in premarket trading.

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Alnylam shares downgraded by Citi amid competitive threats