Piper Jaffray reiterates Overweight on Alnylam after data presentation
Piper Jaffray analyst Edward Tenthoff reiterated an Overweight rating and $145 price target on Alnylam after the company initiated its Phase III ILLUMINATE-C trial of lumasirin in primary hyperoxaluria type 1 patients with advanced renal disease and presented Phase II open-label extension data showing "lumasirin reduced urinary oxalate excretion 76% from Phase I/II baseline levels." Tenthoff said that Alnylam will report Phase III ILLUMINATE-A data on lumasiran by the end of the year. The analyst forecast 2019 Onpattro sales of $160M that will grow to $330M in 2020, and noted that Onpattro and nextgen vutrisiran are being evaluated in Phase III cardiomyopathy trials that could expand the Onpattro label by 2021/'22. Tenthoff added that he is confident in givosiran getting FDA approval, and noted its has a PDUFA date of February 4 with no expected AdComm.