The APOLLO-B study wasn't a make-or-break trial for Alnylam, but it was nevertheless a highly significant, high-risk/high-reward study for this leader in RNAi biotechnology. This successful outcome, assuming eventual FDA approval in 2023, brings substantially more addressable revenue into play with a market (hereditary ATTR amyloidosis characterized by cardiomyopathy, or hATTR-CM) that is at least 2x and quite possibly 3x or larger than the current hATTR polyneuropathy market that Onpattro serves.
I was already relatively bullish on Alnylam going into this trial read-out, so the impact to my fair value is perhaps less dramatic than for other analysts, but with a fair value of around $230 and multiple clinical read-outs over the next two years that could unlock more value, I believe these are still shares worth owning for investors willing and able to take the elevated risk that goes with biotech investing.
Read the full article here:
APOLLO Hits A Bullseye, And Alnylam Logs Another Major Clinical Win
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