Alnylam Pharmaceuticals Inc (NASDAQ: ALNY) opened more than 30% up on Monday after reporting promising results from a late-stage trial of its heart drug.
Shares of the biopharmaceutical company are now trading at a year-to-date high of $220.
Why is it significant for Alnylam Pharmaceuticals stock?
Vutrisiran demonstrated significant efficacy in reducing mortality and cardiovascular complications in the aforementioned study.
It’s a drug that targets transthyretin amyloidosis with cardiomyopathy – a condition that stiffens the heart and impairs blood pumping. Pushkal Garg – the chief medical officer of Alnylam said in a press release today:
We are moving with urgency to file these compelling data with regulators to bring this medicine to patients around the world.
Alnylam Pharmaceuticals stock has now recovered its entire year-to-date loss but it does not pay a dividend at writing.
Vutrisiran helps significantly lower the risk of death
Vutrisiran lowered the risk of death by a whopping 35% in patients in the HELIOS-B Phase 3 study. The risk of recurring cardiovascular issues and death was cut by 28% in the overall patient population.
More importantly, patients on the Alnylam drug showed significant improvements in terms of mobility and the overall quality of life as well. According to Yvonne Greenstreet – the chief executive of ALNY:
Assuming favourable regulatory review, Vutrisiran has the potential to become the new standard of care for the treatment of this disease, driving Alnylam’s next era of substantial growth.
Wall Street currently has a consensus “overweight” rating on Alnylam Pharmaceuticals stock.
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Is it too late to invest in Alnylam Pharmaceuticals shares?
These results position Vutrisiran as a strong competitor to Pfizer’s tafamidis (marketed as Vyndaqel or Vyndamax), the current leading treatment for ATTR-CM. Some trial participants were also taking Pfizer’s drug, suggesting potential for combination therapy.
Industry analysts responded positively to the news on Monday. William Blair analyst Myles Minter described the results as a “best-case scenario win” and a “clear home run” for Alnylam.
Kostas Biliouris – a BMO Capital analyst also sees the trial data to be adequate in positioning Vutrisiran as “a very competitive drug” in the ATTR-CM market. He sees potential in Vutrisiran to be a first-line treatment or to be used in combination with Vyndaqel (Pfizer’s drug).
Note that Pfizer generated $3.3 billion globally from Vyndaqel in 2023. BMO’s Biliouris continues to rate Alnylam Pharmaceuticals stock at outperform and sees upside in it to $234 that indicates potential for another 6.0% gain from here.
Alnylam now plans on filing a supplemental application with the U.S. FDA to secure approval for Vutrisiran as a treatment of ATTR-CM.
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