Tuesday, December 22, 2015

Seeking Alpha: After Multiple Updates, Alnylam Hasn't Cleared Up Much

It's hard to say that Alnylam (NASDAQ:ALNY) has been badly treated by the market when it still sports a $7.5 billion market cap with no approved drugs (and no approvals likely until 2018). Leaving aside the impact of the debate about drug pricing and the overall turbulence of the biotech sector, there have been some Alynylam-specific issues weighing on investors' minds - including the efficacy and tolerability of revusiran and the efficacy of fitusiran and ALN-CC5.

The latter, in particular, seems to be a flashpoint with investors, as some bulls had hoped this would be a "Soliris-killer" and an heir to the substantial revenue that Alexion (NASDAQ:ALXN) has generated in complement-mediated diseases like paroxysmal nocturnal hemoglobnuria (or PHN). Unfortunately, data presented at the ASH meeting and further discussed at the company's R&D day haven't really improved the sentiment.

As ALN-CC5 is not a big part of my valuation for Alnylam, I'm not bothered by the implications that it is not a clear winner in complemented-mediated diseases. Moreover, I think Alnylam has a potential winner in hemophilia and a deep overall pipeline of RNA interference drugs that will generate stock-moving clinical data in 2016.

Continue here for more:
After Multiple Updates, Alnylam Hasn't Cleared Up Much

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