5 Best Genomics Stocks To Buy Now

2. Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY)

Number of Hedge Fund Holders: 55    

Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) is a biopharmaceutical company that focuses on discovering, developing, and commercializing novel therapeutics based on ribonucleic acid interference. On October 27, Alnylam Pharmaceuticals said that it has dropped plans to begin a late study to find a potential therapy for the rare eye disorder, Stargardt Disease, as it evaluates the impact of the recently enacted Inflation Reduction Act in the US. 

On November 2, H.C. Wainwright analyst Patrick Trucchio maintained a Buy rating on Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) stock and lowered the price target to $415 from $430, noting that price target adjustment is mostly due to the development delay for Stargardt disease.

At the end of the third quarter of 2022, 55 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), compared to 40 in the previous quarter worth $775 million.

In its Q3 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) was one of them. Here is what the fund said:

“We initiated a position in Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), a commercial-stage biopharmaceutical company which pioneered a new class of innovative medicines based on RNA interference (RNAi). This class of medicines acts by silencing the messenger RNA that encodes for the proteins that can cause disease, thereby preventing these disease-causing proteins from being made. Alnylam’s validated platform has demonstrated a higher probability of success in drug development versus the industry overall with five medicines approved in less than four years. During the quarter, the company reported positive results from its Apollo-B Phase 3 study of Patisiran in patients with ATTR Amyloidosis with Cardiomyopathy, a rare, progressively debilitating, and fatal disease caused by misfolded TTR proteins which accumulate as amyloid deposits in the heart, nerves, and GI tract. Alnylam also has multiple other late-stage medicines in the pipeline including a new blood pressure drug in Phase 2 studies that can potentially be delivered as a twice-yearly shot. Alnylam has an extensive intellectual property estate with fundamental RNAi technology, delivery, and product-specific protection, and is in a position to achieve sustainable profitability within the next few years.”