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Fly News Breaks for April 2, 2018
IBB, PFE, ALNY
Apr 2, 2018 | 12:48 EDT
Jefferies analyst Maury Raycroft noted that Alnylam (ALNY) fell by over 8% on Thursday after Pfizer (PFE) announced that the phase 3 ATTR-ACT trial assessing tafamidis in TTR-CM met its primary endpoint and that Alnylam shares are trailing the iShares Nasdaq Biotechnology Index (IBB) again today. While he thinks the tafamidis data provide important clinical outcome results that support the need for treatment and benefit in TTR-CM, he also continues to believe the benefits of knocking down/depleting TTR in earlier-stage patients, as Alnylam's patisiran is meant to do, will lead to better objective improvements, Raycroft tells investors. The analyst, who recommends investors buy Alnylam amid the weakness, keeps a Buy rating on the stock.