ALNY - Alnylam under catalyst watch at Bank of America ahead of key readout

Bank of America has opened a 90-day catalyst watch for Alnylam Pharmaceuticals as the RNAi therapeutics company plans to share topline data from a late-stage trial for experimental therapy patisiran in ATTR amyloidosis with cardiomyopathy (ATTR-CM). Patisiran is marketed as Onpattro in the U.S. for polyneuropathy in adult patients with hATTR amyloidosis. The analyst David Lebowitz thinks that the update from APOLLO-B trial will be favorable for the company and support a potential FDA approval. “While investor concerns had increased over the last six months, we believe pressure on the shares has been overdone,” Lebowitz wrote, expecting Alnylam (NASDAQ:ALNY) shares to recover following the APOLLO-B update anticpated in mid-2022. Therefore, BofA maintains the Buy rating and $211 per share target on the stock. Despite the recent FDA approval of Alnylam’s (ALNY) Amvuttra in hATTR amyloidosis, the company shares remain 19% lower than the year-ago level, as shown in this graph.

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Alnylam under catalyst watch at Bank of America ahead of key readout