Apollo Results Buoy Alnylam to $92 FVE; Maintaining FVE of Competitor Ionis at $46
We are raising Alnylam's fair value estimate to $92 per share from $74 to reflect positive phase 3 results evaluating the company’s lead drug patisiran in a type of hereditary amyloidosis neuropathy. Based on the stellar results and clean safety profile, we think the drug will likely receive approval in the U.S. and Europe in 2018, which drives our fair value change and peak sales estimates near $1 billion. Given our already limited expectations for Ionis’ competing amyloidosis drug inotersen du...Ionis Pharmaceuticals is engaged in discovering and developing RNA-targeted therapeutics. The company has two commercial medicines, SPINRAZA and TEGSEDI. SPINRAZA (nusinersen) injection for intrathecal use is a survival motor neuron-2, directed antisense oligonucleotide indicated for the treatment of spinal muscular atrophy in pediatric and adult patients. TEGSEDI (inotersen) injection is a Generation 2+ antisense medicine and an approved subcutaneous RNA-targeting medicine designed to treat people with polyneuropathy caused by hereditary transthyretin amyloidosis.
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