Alnylam Pharmaceuticals Stock Drops 3.35% Despite FDA Approval and JP Morgan Upgrade to Overweight Rating

On March 25, 2025, Alnylam Pharmaceuticals (ALNY) experienced a significant decline, with its stock price dropping by 3.35%. The trading volume for the day was 3.03 billion, marking a 41.76% decrease from the previous day. This placed Alnylam at the 287th position in terms of trading volume for the day.

Alnylam Pharmaceuticals received a notable boost from the U.S. Food and Drug Administration, which approved its supplemental application for Amvuttra (vutrisiran). This approval expands the use of Amvuttra to treat adults with cardiomyopathy of wild-type or hereditary transthyretin-mediated amyloidosis (ATTR-CM), aiming to reduce cardiovascular mortality, hospitalizations, and urgent heart failure visits. ATTR-CM is a rare heart condition caused by the misfolding and deposition of the transthyretin (TTR) protein in the heart, leading to stiffness and potential heart failure.

Following this approval, JP Morgan upgraded Alnylam to an Overweight rating from Neutral, citing strong sales potential for Amvuttra in the growing ATTR-CM market. The firm increased its price target for Alnylam from $280 to $328, reflecting optimism about the company's market potential. Analyst Jessica Fye models Amvuttra sales in cardiomyopathy (CM) to reach around $81 million in 2025, with a significant portion of the sales expected in the second half of the year. The upgrade is based on a convincing multi-billion dollar opportunity for Amvuttra in TTR amyloidosis, supported by a larger ATTR-CM market and higher overall sales for the drug over time.