Goldman upgrades Alnylam to Buy ahead of ‘fundamental re-rating’

Goldman Sachs upgraded Alnylam Pharmaceuticals to Buy from Neutral with a price target of $370, up from $198. The analyst expects a “fundamental re-rating” of the shares driven by Amvuttra in ATTR-cardiomyopathy as well as recognition of the company’s platform value and pipeline levers. Post the positive Phase 3 HELIOS-B release, detailed data at the European Society of Cardiology meeting on August 30 will solidify Amvuttra’s profile, the analyst tells investors in a research note. The firm believes there is “demand on the sidelines” and expects the shares to trade higher post data on Alnylam’s “strong fundamentals and outlook.”