Bank of America Cuts Alnylam Pharmaceuticals (NASDAQ:ALNY) Price Target to $529.00

Alnylam Pharmaceuticals (NASDAQ:ALNY) had its price target dropped by research analysts at Bank of America from $530.00 to $529.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Bank of America‘s price target would indicate a potential upside of 47.53% from the company’s current price.

Other analysts also recently issued research reports about the company. Stifel Nicolaus upped their target price on Alnylam Pharmaceuticals from $495.00 to $508.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Royal Bank Of Canada upped their price objective on Alnylam Pharmaceuticals from $435.00 to $500.00 and gave the stock an “outperform” rating in a research report on Friday, September 19th. Leerink Partners dropped their price objective on shares of Alnylam Pharmaceuticals from $370.00 to $351.00 and set a “market perform” rating on the stock in a research note on Monday, December 15th. Wells Fargo & Company boosted their target price on shares of Alnylam Pharmaceuticals from $395.00 to $479.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 11th. Finally, Jefferies Financial Group lowered their price target on shares of Alnylam Pharmaceuticals from $550.00 to $549.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Twenty-two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $490.96.

Alnylam Pharmaceuticals Stock Performance

NASDAQ ALNY traded down $39.72 on Monday, reaching $358.57. 1,085,454 shares of the company’s stock traded hands, compared to its average volume of 1,212,533. Alnylam Pharmaceuticals has a fifty-two week low of $205.87 and a fifty-two week high of $495.55. The company has a debt-to-equity ratio of 4.45, a quick ratio of 2.49 and a current ratio of 2.54. The firm has a market cap of $47.37 billion, a price-to-earnings ratio of 1,491.10 and a beta of 0.32. The stock has a 50 day moving average price of $425.72 and a 200-day moving average price of $421.24.

Insider Activity

In other news, EVP Kevin Joseph Fitzgerald sold 12,128 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $452.18, for a total transaction of $5,484,039.04. Following the completion of the sale, the executive vice president owned 21,264 shares of the company’s stock, valued at $9,615,155.52. The trade was a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Yvonne Greenstreet sold 10,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $451.27, for a total transaction of $4,512,700.00. Following the completion of the transaction, the chief executive officer directly owned 65,409 shares in the company, valued at $29,517,119.43. This represents a 13.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 37,778 shares of company stock worth $17,096,988. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Alnylam Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Root Financial Partners LLC purchased a new stake in shares of Alnylam Pharmaceuticals during the third quarter worth approximately $25,000. Salomon & Ludwin LLC acquired a new stake in Alnylam Pharmaceuticals during the 3rd quarter worth $27,000. Caitong International Asset Management Co. Ltd acquired a new stake in Alnylam Pharmaceuticals during the 3rd quarter worth $29,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Alnylam Pharmaceuticals during the second quarter worth $30,000. Finally, Ameriflex Group Inc. acquired a new stake in shares of Alnylam Pharmaceuticals in the third quarter valued at about $32,000. Hedge funds and other institutional investors own 92.97% of the company’s stock.

About Alnylam Pharmaceuticals

Alnylam Pharmaceuticals, Inc (NASDAQ: ALNY) is a biopharmaceutical company focused on the discovery, development and commercialization of RNA interference (RNAi) therapeutics. Founded to translate the scientific discovery of RNAi into new medicines, Alnylam applies small interfering RNA (siRNA) technology to silence disease-causing genes. The company develops therapies designed to provide durable disease modification by targeting underlying genetic drivers across a range of rare and more prevalent conditions.

Alnylam has advanced multiple siRNA-based products into commercialization, initially using lipid nanoparticle delivery and more recently employing GalNAc-conjugate chemistry to enable targeted delivery to the liver with subcutaneous dosing.