Concerns over label expansion for Alnylam overdone, says Citi

Citi analyst David Lebowitz says that despite despite a 9-3 FDA panel vote win, nervousness surrounding Onpattro’s transthyretin-mediated amyloidosis with cardiomyopathy label expansion pressured shares. The firm, however, believes fears that the FDA might not approve are overdone, given the “clear” panel consensus on a potentially meaningful benefit, no risk, unmet need, and per-guidance trial conduct. The FDA panel “clearly favored approval, albeit with limitations, and FDA might oblige,” the analyst tells investors in a research note. Citi keeps a Buy rating on Alnylam with a $266 price target.