Alnylam Pharmaceuticals: ALN-6400 Approaching POC Data in HHT and VWD Bleeding Disorders

研报英文原文证据摘录

Alnylam Pharmaceuticals: ALN-6400 Approaching POC Data in HHT and VWD Bleeding Disorders

J P M O R G A N North America Equity Research

26 June 2026

Alnylam Pharmaceuticals Overweight

ALNY, ALNY US

ALN-6400 Approaching POC Data in HHT and VWD Price (25 Jun 26):$293.17

Bleeding Disorders

Biotechnology - Large Cap

We came away from ALNY’s RNAi Roundtable focused on liver plasminogen- Jessica Fye AC

targeted ALN-6400 with a better understanding of where it could fit in the (1-212) 622-4165

treatment of Hereditary Hemorrhagic Telangiectasia (HHT) and von Willebrand jessica.m.fye@jpmorgan.com

Disease (VWD), the two indications that ALNY expects will drive the lion’s share Jose Lora, Ph.D.

of value for the asset. The phase I in HVs is complete and will be presented later (1-212) 270-4831

this year, and we expect the topline phase II data in HHT by YE26 with a conference jose.n.lora@jpmorgan.com

presentation next year. A common question we hear on Alnylam is “what makes Adam Ferrari, Ph.D.

it work?” and we think a string of upcoming pipeline readouts, including for ‘6400, (1-212) 622-1717

adam.ferrari@jpmorgan.com

will be part of what drives the stock higher, reinforcing that there is a platform and

Silvia Luo

a pipeline positioned to drive value beyond the Amvuttra-driven commercial story. (1-212) 622-0000

Stepping back, we see ALNY broadening its position in the gene silencing space silvia.luo@jpmorgan.com

to pursue other tissue types and expand the overall opportunity set, and we see Abdul Tahlil

progressive upside as this plays out while ALNY simultaneously grows (1-212) 270-9644

increasingly profitable. Reiterate OW. abdul.tahlil@jpmorgan.com

J.P. Morgan Securities LLC

• Mechanistically, ALN-6400 is designed to improve “clot durability” by