UPDATE: Piper Jaffray Upgrades Alnylam Pharmaceuticals to Overweight

Piper Jaffray is out with its report today on Alnylam Pharmaceuticals ALNY, upgrading ALNY to Overweight from Neutral. In its report, Piper Jaffray writes, "We look for upside as Alnylam reports Phase I proof-of-concept data on orphan drug ALN-TTR01 and high cholesterol drug ALN-PCS both in 4Q:11. In addition, Alnylam offers an attractive way to invest in Regulus Therapeutics, the preeminent microRNA play. We are upgrading Alnylam to Overweight from Neutral and increasing our price target to $12 from $10." Shares of ALNY closed Monday at $7.34, up 6.38% from Friday's close.