Piper calls Ionis data 'best case scenario' for Alnylam

Piper Jaffray analyst Edward Tenthoff views this morning's data from Ionis Pharmaceuticals (IONS) as the "best case scenario" for Alnylam (ALNY). Ionis reported top-line Phase III IONS-NEURO-TTR data meeting the co-primary endpoint, but with continued platelet and kidney toxicity including one death from intracranial hemorrhage. These data validate the mechanism of action of TTR lowering therapy and indicate that Alnylam's patisiran is the safer drug despite less convenient intravenous administration with steroid pre-treatment, Tenthoff tells investors in a research note. The analyst reiterates an Overweight rating on Alnylam with a $118 price target. The shares in premarket trading are up 14.5%, or $8.23, to $65.00. Ionis is trading down 9%, or $4.12, to $42.96.

ALNY

Alnylam

$56.77

1.41 (2.55%)

IONS

Ionis Pharmaceuticals

$47.08

2.16 (4.81%)