Alnylam Pharmaceuticals Starts 2023 With In-Line Revenue And A Full Slate Of Clinical Read-Outs

This will be another busy year for Alnylam Pharmaceuticals (NASDAQ:ALNY), as this leading RNAi biotech expects to release clinical updates on five different clinical programs, in addition to anticipated updates from partnered programs and multiple potential IND filings. Though the company has a relatively thin late-stage pipeline, positive early-stage updates from programs with large addressable markets could be enough to maintain a positive level of investor enthusiasm.

Alnylam shares have continued to outperform since my last update, besting the SPDR S&P Biotech ETF (XBI) by about 10%. Some minor adjustments to my model take my fair value above $240, and while that isn’t especially robust return potential given the risks with biotech investing, I would note that clinical and regulatory milestones during the year could meaningfully add to that fair value. Still, I would characterize today’s price more as “good, not great”, even though I am a big believer in the company and its core technologies. 

 

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 Alnylam Pharmaceuticals Starts 2023 With In-Line Revenue And A Full Slate Of Clinical Read-Outs