Alnylam Pharmaceuticals' (ALNY) latest data strengthen the case for Nucresiran and TRITON-CM success, while supporting near-term upside for the stock, Oppenheimer said in a note Sunday.

The analysts said that following the CARDIO-TTRansform presentation at the European Society of Cardiology meeting and feedback from key opinion leaders, the main question was whether Wainua's weaker reduction in transthyretin, or TTR, levels was the reason CARDIO-TTRansform failed.

On Sunday, the company presented modeling based on the HELIOS-B study, showing a strong correlation between TTR knockdown and patient outcomes. This supports the potential for success in the TRITON-CM study, the analysts said.

The analysts added that while these results rely on certain assumptions that may bias the results, they view the ESC updates as a positive sign for Nucresiran's probability of success.

"Independently of TRITON-CM outcome in three-plus years, we think Alnylam remains undervalued and anticipate ESC updates and removal of ESC overhang to drive upside in Alnylam tomorrow/near term," the analysts said.

Oppenheimer has an outperform rating and a $350 price target on Alnylam Pharmaceuticals.

Price: 239.59, Change: +2.49, Percent Change: +1.05