Alnylam Pharmaceuticals (NASDAQ:ALNY) Given New $323.00 Price Target at Canaccord Genuity Group

Alnylam Pharmaceuticals (NASDAQ:ALNY) had its price objective cut by research analysts at Canaccord Genuity Group from $429.00 to $323.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group‘s target price points to a potential upside of 95.76% from the stock’s previous close.

ALNY has been the subject of several other reports. Jefferies Financial Group raised their price objective on shares of Alnylam Pharmaceuticals from $230.00 to $260.00 and gave the stock a “hold” rating in a report on Tuesday, September 8th. Morgan Stanley reduced their price target on shares of Alnylam Pharmaceuticals from $300.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Friday. Bank of America reissued a “buy” rating and issued a $287.00 price objective (down from $460.00) on shares of Alnylam Pharmaceuticals in a report on Friday. Raymond James Financial cut Alnylam Pharmaceuticals from a “strong-buy” rating to an “outperform” rating and cut their price objective for the company from $420.00 to $315.00 in a research note on Friday. Finally, Sanford C. Bernstein downgraded Alnylam Pharmaceuticals from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $376.00 to $199.00 in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $309.05.

Alnylam Pharmaceuticals Stock Performance

Shares of ALNY opened at $165.00 on Monday. The firm has a market cap of $22.10 billion, a price-to-earnings ratio of 8.57 and a beta of 0.43. The company has a quick ratio of 2.43, a current ratio of 2.48 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average is $236.49 and its two-hundred day moving average is $286.19. Alnylam Pharmaceuticals has a 52-week low of $163.30 and a 52-week high of $479.79.

Alnylam Pharmaceuticals (NASDAQ:ALNY) last issued its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported $16.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $14.60. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.43 billion. Alnylam Pharmaceuticals had a net margin of 52.85% and a return on equity of 155.33%. The business’s revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.90 earnings per share. Analysts forecast that Alnylam Pharmaceuticals will post 6.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Alnylam Pharmaceuticals news, EVP Bryan Supran sold 1,758 shares of Alnylam Pharmaceuticals stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $226.88, for a total transaction of $398,855.04. Following the sale, the executive vice president owned 12,807 shares of the company’s stock, valued at $2,905,652.16. The trade was a 12.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.86% of the stock is currently owned by corporate insiders.

Institutional Trading of Alnylam Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Chicago Partners Investment Group LLC grew its stake in shares of Alnylam Pharmaceuticals by 124.7% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,186 shares of the biopharmaceutical company’s stock worth $490,000 after purchasing an additional 1,213 shares during the last quarter. Rakuten Investment Management Inc. grew its stake in Alnylam Pharmaceuticals by 13.0% during the 3rd quarter. Rakuten Investment Management Inc. now owns 20,289 shares of the biopharmaceutical company’s stock valued at $5,155,000 after acquiring an additional 2,328 shares in the last quarter. Provenance Wealth Advisors LLC purchased a new stake in Alnylam Pharmaceuticals in the 3rd quarter worth approximately $527,000. GraniteShares Advisors LLC boosted its position in Alnylam Pharmaceuticals by 12.7% during the third quarter. GraniteShares Advisors LLC now owns 1,825 shares of the biopharmaceutical company’s stock valued at $450,000 after purchasing an additional 205 shares during the last quarter. Finally, Traynor Capital Management Inc. increased its position in Alnylam Pharmaceuticals by 22.6% in the 3rd quarter. Traynor Capital Management Inc. now owns 12,818 shares of the biopharmaceutical company’s stock worth $3,163,000 after purchasing an additional 2,360 shares during the last quarter. 92.97% of the stock is currently owned by institutional investors.

About Alnylam Pharmaceuticals

Alnylam Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines based on RNA interference (RNAi). The company’s therapies are designed to silence specific genes involved in disease, with the goal of addressing the underlying causes of genetic and other serious conditions.

Alnylam’s marketed products include ONPATTRO (patisiran) and AMVUTTRA (vutrisiran) for hereditary transthyretin-mediated amyloidosis, GIVLAARI (givosiran) for acute hepatic porphyria, and OXLUMO (lumasiran) for primary hyperoxaluria type 1.