Alnylam Pharmaceuticals (NASDAQ:ALNY) Shares Up 8.6% – Here’s Why

Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) traded up 8.6% during mid-day trading on Wednesday . The company traded as high as $259.97 and last traded at $267.16. Approximately 758,392 shares were traded during mid-day trading, a decline of 47% from the average session volume of 1,440,174 shares. The stock had previously closed at $246.11.

Wall Street Analyst Weigh In

ALNY has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their target price on Alnylam Pharmaceuticals from $400.00 to $375.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Citigroup cut their price target on Alnylam Pharmaceuticals from $380.00 to $340.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. TD Cowen restated a “buy” rating on shares of Alnylam Pharmaceuticals in a research report on Monday. Sanford C. Bernstein restated a “buy” rating on shares of Alnylam Pharmaceuticals in a research note on Monday. Finally, Weiss Ratings raised Alnylam Pharmaceuticals from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $386.14.

Alnylam Pharmaceuticals Stock Performance

The stock has a fifty day moving average price of $259.76 and a two-hundred day moving average price of $291.79. The company has a market cap of $35.39 billion, a P/E ratio of 49.16 and a beta of 0.31. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.05 and a quick ratio of 2.99.

Alnylam Pharmaceuticals (NASDAQ:ALNY) last issued its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.21. Alnylam Pharmaceuticals had a return on equity of 84.93% and a net margin of 15.26%.The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the company posted ($0.51) EPS. The business’s revenue for the quarter was up 66.9% compared to the same quarter last year. On average, equities analysts forecast that Alnylam Pharmaceuticals, Inc. will post 6.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ALNY. California State Teachers Retirement System raised its stake in shares of Alnylam Pharmaceuticals by 30,461.4% during the second quarter. California State Teachers Retirement System now owns 60,164,157 shares of the biopharmaceutical company’s stock valued at $18,111,216,000 after purchasing an additional 59,967,294 shares in the last quarter. Norges Bank bought a new position in Alnylam Pharmaceuticals in the 4th quarter valued at about $895,816,000. Legal & General Group Plc acquired a new position in Alnylam Pharmaceuticals during the 2nd quarter valued at about $278,321,000. Qube Research & Technologies Ltd acquired a new position in Alnylam Pharmaceuticals during the 3rd quarter valued at about $369,943,000. Finally, AQR Capital Management LLC raised its position in shares of Alnylam Pharmaceuticals by 295.2% during the 3rd quarter. AQR Capital Management LLC now owns 744,008 shares of the biopharmaceutical company’s stock worth $336,009,000 after buying an additional 555,759 shares in the last quarter. Institutional investors own 92.97% of the company’s stock.

About Alnylam Pharmaceuticals

Alnylam Pharmaceuticals, Inc (NASDAQ: ALNY) is a biopharmaceutical company focused on the discovery, development and commercialization of RNA interference (RNAi) therapeutics. Founded to translate the scientific discovery of RNAi into new medicines, Alnylam applies small interfering RNA (siRNA) technology to silence disease-causing genes. The company develops therapies designed to provide durable disease modification by targeting underlying genetic drivers across a range of rare and more prevalent conditions.

Alnylam has advanced multiple siRNA-based products into commercialization, initially using lipid nanoparticle delivery and more recently employing GalNAc-conjugate chemistry to enable targeted delivery to the liver with subcutaneous dosing.