Alnylam (ALNY) Reports 238% Growth in Amvuttra Since February Launch, RBC Raises Price Target

Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) ranks among the best biotech stocks to buy. RBC Capital maintained its Outperform rating for Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) on September 19 and raised its price target from $435 to $500, citing strong Amvuttra sales data.

According to the firm, August script data show that Amvuttra made $167 million in revenues, which represents a 17% increase from July, a 40% growth from June, and a 238% spike from February until the launch of cardiomyopathy (CM).

Amvuttra’s peak sales might reach $9.3 billion, according to RBC Capital, which increased its earlier estimate of $7.9 billion. In addition, the firm believes that Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) could raise its TTR guidance by about $300 million, to about $2.5 billion.

Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) is a prominent biopharmaceutical company focused on RNA interference (RNAi) treatments, with a number of FDA-approved medications for rare genetic illnesses.

While we acknowledge the potential of ALNY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ALNY and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.