Why Is Alnylam Pharmaceuticals Stock Trading Lower On Thursday?

Thursday, Alnylam Pharmaceuticals Inc ALNY reported a fourth-quarter 2023 adjusted EPS loss of $(0.77), beating the consensus estimate of $(1.32) and lower than $(1.39) a year ago.

The company reported sales of $439.72 million, missing the consensus of $442.9 million.

The company achieved global net product revenues for Onpattro and Amvuttra for the fourth quarter of $79 million and $175 million, respectively, representing 10% of total TTR quarterly growth compared to Q3 2023.

It attained over 4,060 hATTR amyloidosis patients with polyneuropathy worldwide on commercial treatment with Onpattro or Amvuttra as of December 31, 2023.

The company reported global net product revenues for Givlaari and Oxlumo for the fourth quarter of $59 million and $33 million, respectively, representing 11% of total Ultra-Rare quarterly growth compared to Q3 2023.

It attained over 650 patients on commercial Givlaari and over 430 patients on commercial Oxlumo worldwide.

Investors are reacting to the fact that the company updated the timing for its HELIOS-B Phase 3 study of vutrisiran.

Alnylam announces updates to the statistical analysis plan for the HELIOS-B Phase 3 study of vutrisiran in patients with ATTR amyloidosis with cardiomyopathy. 

These will include updates to the primary and secondary endpoint structure and study exposure. Topline results are expected to be available in late June or early July, pushed from early 2024, expected earlier.

Additionally, Alnylam announced that the FDA has cleared to initiate the multiple-dose part (Part B) of the ongoing Phase 1 study of ALN-APP, an investigational RNAi therapeutic targeting amyloid precursor protein for Alzheimer's disease and cerebral amyloid angiopathy. 

The FDA has confirmed that multiple-dosing in the Phase 1 study may proceed at doses up to 180 mg given every six months, which covers all dose regimens planned to be explored in Part B. A partial clinical hold remains for higher or more frequent dosing regimens.

Guidance: Alnylam Pharmaceuticals forecasts fiscal year 2024 combined net product revenues for Amvuttra, Onpattro, Givlaari, and Oxlumo of $1.4 billion–$1.5 billion.

Cantor Fitzgerald reiterates Alnylam Pharmaceuticals with a Neutral and maintains the price target of $165.

Wolfe Research initiates coverage on Alnylam Pharmaceuticals with a Peer Perform rating.

ALNY Stock Prediction For 2024

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Alnylam Pharmaceuticals, an investor could make an assessment about a stock's long term prospects using a moving average and trend line.

If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Alnylam Pharmaceuticals, the 200-day moving average sits at $183.94, according to Benzinga Pro, which is above the current price of $150.75. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

Price Action: ALNY shares are down 8.83% at $149.66 on the last check Thursday.