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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