While the last couple of months have been a little quiet, Alnylam (ALNY) continues to make progress across its business. Positive topline results from the ILLUMINATE-B study not only should help solidify the revenue outlook for lumasiran, they also mark the first study of an RNA interference (or RNAi) therapy in a young pediatric population, with a clean safety profile possibly paving the way to future clinical opportunities. The company has also since secured some R&D financing for its vitusiran and ALN-AGT programs, and shown additional positive long-term data on Gilvaari.
Incremental as these updates may be, they’re positive additions to the story and certainly better than the alternative. I expect Alnylam to report improving trends for Onpattro in the third quarter as the situation starts to normalize after disruptions created by COVID-19, but more significant drivers like additional clinical data on ALN-AGT and the approval and launch of inclisiran are still a little further off. A lack of strong near-term drivers is a concern, but I believe Alnylam is undervalued below the $150’s and still worth buying/owning at these levels.
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Alnylam Reports Another Positive Study Outcome, Securing More Of Its Future Revenue Growth
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