Alnylam Pharmaceuticals: Mgmt meeting takeaways: We think ATTR-CM category growth & emerging pipeline underappreciated

研报英文原文证据摘录

Alnylam Pharmaceuticals: Mgmt meeting takeaways: We think ATTR-CM category growth & emerging pipeline underappreciated

Equity Research

U.S. Small & Mid Cap Biotechnology

18 June 2026

Alnylam Pharmaceuticals

Mgmt meeting takeaways: We

think ATTR-CM category growth &

ALNY OVERWEIGHTemerging pipeline

U.S. Small & Mid Cap POSITIVE Biotechnologyunderappreciated Price Target USD 527.00

Price (15-Jun-26) USD 287.80

We think below $300 shares are attractive & we think CARDIO- Potential Upside/Downside +83.1%

TTRansform could be a clearing event. Huntington's data in Source: Bloomberg, Barclays Research

2H (targets exon 1) we think could be interesting.

Eliana Merle, CFA

We hosted a Boston bus tour with investors and met with ALNY mgmt (Pushkal Garg, Chief R&D +1 212 526 9445

Officer; Jeff Poulton, CFO). With ALNY shares below $300, we think valuation looks attractive here. eliana.merle@barclays.com

We think mgmt. sounds confident in the guidance & further growth for Amvuttra from BCI, US

here. CARDIO-TTRansform has been an overhang for shares, but we think this could be a clearing Jasmine Fels, PhD

event for ALNY (we think positive data – including trends – on combo should be a positive read for +1 212 526 0865

the silencer class overall; ALNY emphasized they already have own data showing combo trends). A jasmine.fels@barclays.com

lack of near-term clinical catalysts has been a pushback, but we think some early data readouts BCI, US

this year could be interesting (obesity, Huntington's Disease, bleeding disorders) and could give Tejas Wein

investors a reason to get more excited about ALNY's pipeline. We think particularly after QURE's +1 212 526 3806

Huntington's update yesterday, that ALNY's program (which similar to QURE targets exon 1) could tejas.wein@barclays.com