H.C. Wainwright increased its price target for Alnylam Pharmaceuticals (NASDAQ:ALNY) to $510.00 from $470.00 and reiterated a Buy rating, citing the expanding traction of Alnylam's transthyretin (TTR) franchise and the firm's "Alnylam 2030" strategic framework.
The research note, issued on Friday, positions the new target as a substantial increase relative to Alnylam's then-current share price of $346.79. InvestingPro data referenced by the firm shows analyst price objectives across the sector ranging from $310 to $580.
H.C. Wainwright said its reassessment followed a management call on January 27 that provided additional detail on the five-year strategic outlook first presented on January 11. Following that dialogue, the firm tempered some forward projections to align with expectations for a normalization in quarterly growth after product launches, a sustained uplift in investment in research and development and more conservative long-term margin assumptions as the company advances RNA interference therapeutics beyond liver targets.
Importantly, the research team reported no indication that underlying demand for treatment of ATTR-CM has softened, nor that AMVUTTRA (vutrisiran) has lost competitive position. Instead, the adjustments to estimates reflect timing shifts, anticipated gross-to-net dynamics and the practical difficulties of scaling what the firm characterizes as a potential blockbuster franchise.
Those estimate adjustments sit alongside Alnylam's recent top-line momentum: the company achieved 53.24% revenue growth over the prior twelve months, a figure cited by H.C. Wainwright. InvestingPro also highlighted that Alnylam trades at a notably high price-to-earnings multiple of 1050, reflecting the market's valuation of the company's growth prospects.
H.C. Wainwright described Alnylam as offering an attractive risk-reward profile based on sustained TTR leadership, visible multi-year revenue expansion and long-duration optionality within its pipeline. The firm signaled that shares were trading beneath what it judged intrinsic value to be. Separately, InvestingPro's analysis suggested the stock is slightly undervalued and assigned an overall financial health score of 2.87, graded as "GOOD."
Investors were reminded that Alnylam's next scheduled earnings release is set for February 12, noted as 13 days away from the time of the research update.
In related company disclosures, Alnylam pre-announced fourth quarter 2025 net product revenues of approximately $996 million, marking a 120% year-over-year increase and a 7% sequential gain. That preliminary figure was reported as marginally below analyst expectations.
The company has laid out a revenue target of $5.1 billion for 2026, above the consensus forecast of $4.7 billion, and said a meaningful portion of that growth is expected to be driven by its TTR franchise.
Analyst reactions to Alnylam's results and guidance have been mixed. RBC Capital lowered its target to $465 while retaining an Outperform rating, citing the company's strategic priorities beyond 2026 as a factor in its view. Needham raised its price target to $529, indicating consistency with its own revenue assumptions, even as those revenue figures sat slightly below broader consensus.
BofA Securities adjusted its target to $529 and kept a Buy rating despite a revenue miss for Amvuttra, which produced $827 million in Q4. Cantor Fitzgerald reiterated a Neutral rating, calling out variability in Amvuttra sales as a consideration for the company's confidence in future guidance. Separately, H.C. Wainwright was reported to continue its Buy stance with a $570 price target following the firm's preliminary revenue announcements.
The range of responses from sell-side firms underscores differing interpretations of Alnylam's near-term performance versus its multi-year outlook. H.C. Wainwright's latest move reflects a balance between recognizing the scaling opportunity in the TTR franchise and embedding more cautious operational and margin assumptions into its modeling.
For market participants, the coming earnings release and the company's execution against its 2026 revenue objective will be key near-term data points to watch as analysts and investors reconcile preliminary results with multi-year forecasts.