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Alnylam Pharmaceuticals Oversold – Oppenheimer Analyst -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Leland Gershell, an Oppenheimer analyst, told investors Monday in a research note that Alnylam Pharmaceuticals Inc (NASDAQ) shares seem oversold after the BridgeBio Pharma Inc (NASDAQ:) news.

BridgeBio Pharma, Alnylam’s competition, is also available. told investors earlier todayIts Phase 3 Study on acoramidis to treat rare heart disease symptomatic amyloid cardiomyopathy (ATTR–CM) failed to meet its primary objective. BridgeBio shares declined more than 70% while Alnylam saw a 17% drop in stock prices.

Gershall believes that the Alnylam sell-off is due to investor concerns about a similar placebo reaction interfering with results of Alnylam’s Apollo-B trial.

Analyst said that, while ATTRibute CM’s circumstances are still unclear, they believe the current selloff in ALNY shares was disproportionate to the incremental worries about Apollo-B’s future success.

Gershall, who was speaking on behalf of Anlylam shareholders said that they would “look to take advantage current levels in order to add to an existing position.”

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