Alnylam price target lowered to $210 from $252 at Evercore ISI

Evercore ISI analyst Liisa Bayko lowered the firm’s price target on Alnylam to $210 from $252 and keeps an Outperform rating on the shares, though the firm is “not surprised” that Alnylam received a CRL for patisiran in ATTR-CM given the hesitation previously sensed at the Ad Com meeting on September 13. Although “disappointing,” the CRL has “limited impact” on the firm’s valuation for the stock given the strategy of cannibalization by vutrisiran and “what really matters has always been the P3 HELIOS-B readout for vutrisiran,” the analyst tells investors. If HELIOS-B hits overall and benefit on top of tafamidis, the firm sees the stock being up 75%, if it misses the stock could be down 50%, and if “the in between scenario” where vutrisiran works on its own but not on top of tafamidis, which would raise commercial uncertainty, the stock could trade down by about 15%-20%, the analyst contends.