Zacks Investment Research downgraded shares of Alnylam Pharmaceuticals, Inc. (ALNY) from OUTPERFORM to NEUTRAL on October 01, 2012, with a target price of $20.00.
Alnylam's core product strategy, Alnylam 5×15, introduced in January 2011, aims to develop RNAi therapeutic products. We are impressed by the company s "5X15" initiative. Though we are encouraged by the impressive results demonstrated by ALN-TTR02 in an early stage study, we note that a phase II candidate ALN-RSV01 failed to meet the primary end point of a study. Further, the company's pipeline includes early-stage candidates, which have a long way to go before approval. The lack of any near-term catalyst is also concerning. We see limited upside potential from current levels and hence revert to a Neutral stance on the stock.
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