Alnylam Pharmaceuticals Secures Its Second Approval, And The Pipeline Is Still Attractive

With Alnylam Pharmaceuticals (ALNY) shares up almost 30% since my last update on the company, I can’t complain that the Street is undervaluing this RNAi pioneer nearly as much as before. Still, the company continues to build a strong investment case with two approvals in hand, another possible in 2020, and an increasingly attractive pipeline with expanding delivery options and potential therapeutic targets.

More than 55% of my fair value estimate for Alnylam is still tied to its ATTR amyloidosis portfolio, but compounds like Givlaari, inclisiran, fitusiran, and lumasiran are not just “also-rans”, and Alnylam management may well use its upcoming R&D day to further illuminate its clinical development priorities for the next few years. At this point, I believe Alnylam shares should trade closer to $130.

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Alnylam Pharmaceuticals Secures Its Second Approval, And The Pipeline Is Still Attractive