Biotech has held up surprisingly well in this market downturn, more or less tracking the S&P, but Alnylam (ALNY) has managed to outperform on a relative basis – showing only a small year-to-date decline. I’d like to believe that’s a recognition of the company’s strong pipeline, as well as the fact that it really doesn’t need near-term financing, but there’s always guesswork in interpreting near-term moves like that.
I continue to believe that Alnylam shares are undervalued, and that management is running the company with a sound business plan. The latest example is