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What's The Street Think Of Alnylam Pharmaceuticals New Drug Data?

Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY)'s sell-off is unrelated to data the company presented late Tuesday for its prospective hemophilia treatment, an analyst said.

Deutsche Bank's Alethia Young attributed the decline to "fast money, selling," and has previously observed a similar pattern in the trading of Alnylam shares.

The company dropped nearly 6 percent recently, trading at $123.65.

"After many Alnylam data readouts, we've seen some weakness, and then the stock rallies in the days afterwards," Young said.

Earlier examples include market reactions to company releases concerning its treatments for a form of amyloidosis, as well as a group of diseases related to immune system disorders, Young said.

Late Tuesday, Alnylam released data on its hemophilia treatment ALN-AT3 that it said points to pivotal studies starting in the middle of next year.

Pivotal studies generally aim to obtain evidence for drug marketing approval.

"We don't see anything related to the data presentation" in Wednesday's sell-off, Young said. "Everything is on track."

Alnylam's Chief Medical Officer Akshay Vaishnaw told investors Tuesday that interim results from a Phase I study are "very promising" and the company expects a Phase III trial will begin next year.

Young reaffirmed a Buy rating on Alnylam and $155 target.

Canaccord's Adam Walsh also reaffirmed a Buy rating on the company Wednesday, maintaining a $160 target.

"We're highly encouraged by the data," Walsh said.

Latest Ratings for ALNY

Jun 2015

Piper Jaffray

Reiterates

Outperform

Mar 2015

Janney Capital

Initiates Coverage on

Mar 2015

Barclays

Initiates Coverage on

Overweight

View More Analyst Ratings for ALNY
View the Latest Analyst Ratings

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