Alnylam Pharmaceuticals (ALNY) stock is soaring 5.08% in intraday trading on Monday, following an upgrade from Oppenheimer and impressive sales figures for its drug Amvuttra. The biotechnology company's shares are outperforming the broader health care sector, which is also seeing gains.
Oppenheimer raised Alnylam's rating to outperform from market perform and set a price target of $490. The upgrade comes on the heels of Amvuttra's strong performance in treating ATTR cardiomyopathy. The drug generated approximately $150 million in its first full quarter of sales, significantly exceeding market expectations. Oppenheimer noted that Alnylam secured payer agreements much faster than anticipated, contributing to the drug's success.
The positive sentiment around Alnylam is further supported by its overall sales figures. Total sales of Amvuttra reached $492 million, well ahead of Oppenheimer's estimate of $345 million and consensus forecasts of $351 million. Oppenheimer expects "further outperformance" as Amvuttra's commercialization continues to impress, projecting $2.4 billion in Amvuttra sales and $3.1 billion in total net product sales for Alnylam in 2025. This optimistic outlook is driving investor enthusiasm, contributing to the stock's significant rise today.
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