Alnylam's Pipeline Progresses in 2Q; Shares Undervalued
Alnylam Pharmaceuticals’ second-quarter clinical trial updates had a lot to celebrate, though the company remains far from profitability. We do not plan on changing our $90 fair value estimate, as many of the updates are baked into our assumptions. While Alnylam is a clear intellectual property leader in the RNA interference space, the commercial success of this novel therapeutic class is still unproved; therefore, we do not assign the company an economic moat rating. However, we believe ongoing...Alnylam Pharmaceuticals is a commercial-stage biopharmaceutical company developing therapeutics based on RNA interference (RNAi). RNAi is a biological pathway within cells for sequence-specific silencing and regulation of gene expression. The company has two RNAi-based medicines, ONPATTRO? (patisiran) and GIVLAARI? (givosiran). ONPATTRO is approved by the United States Food and Drug Administration (FDA) for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults and has also been approved in the European Union, Japan, Canada and Switzerland. GIVLAARI is approved by FDA for the treatment of adults with acute hepatic porphyria.
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