Alynlam Pharmaceuticals (ALNY)
could really use some straightforward, clean, good news right now, as
several of the company’s recent positive events have been “yes … but”
situations. Today’s update on givosiran in acute hepatic porphyria is a
case in a point. While the drug seems to be effective (as expected),
with a highly statistically-significant reduction in ALA (a biomarker),
the safety of the drug is likely to be a talking point until, and
perhaps after, the full Phase III data package is available. On the back
of some concerns about the cardiac safety profile of Onpattro (and
implications for the important ALN-TTRsc02 (“sc02”) program), it’s not
exactly the news investors really want to hear.
I
continue to believe that Alnylam is undervalued, and that it’s pipeline
of drugs for rare diseases, led by recently-approved Onpattro, will
generate substantial revenue in the coming years. I’ve tweaked some of
modeling assumptions, but I continue to believe that the shares should
trade over $140, though there are above-average risks.
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Alnylam Pharmaceuticals Could Use Some Straightforward Good News
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