Why Investors Should Take Another Look At Alnylam Pharmaceuticals

Piper Jaffray reiterated its Overweight rating and $106 target price on Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) despite discontinuation of ENDEAVOUR trial of Revusiran as it sees value in the company’s RNAi pipeline.

“While we await clinical data, we believe the death imbalance was either a revusiran specific or hATTR-CM disease issue (or mix of both) that does not apply to the rest of Alnylam's RNAi pipeline,” analyst Edward Tenthoff wrote in a note.

Tenthoff said Revusiran was Alnylam's only drug to incorporate 1st-gen Gal-NAc. The company’s other candidate, Patisiran, is an LNP encapsulated RNAi and the rest of the pipeline employs 2nd-gen ESC-GalNAc technology at significantly lower doses.

Meanwhile, the DMC subsequently reviewed safety in the on-going APOLLO trial of patisiran and concluded the Phase III should continue without modification. In addition, 90-day Phase II ORION-1 data on ALN-PCSsc was safe.

“We expect a busy ASH meeting in December with Phase I fitusiran, ALN-AS1 and ALNCC5 updates,” Tenthoff continued.

Alnylam will also report Phase I data on follow-on ALN-TTRsc02 and host an R&D Day on December 16.

At time of writing, shares of Alnylam rose 1.70 percent to $37.30. Shares are down 48 percent since discontinuing the Phase III ENDEAVOR trial of revusiran.