Alnylam (ALNY) Reports 238% Growth in Amvuttra Since February Launch, RBC Raises Price Target

Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) ranks among the best biotech stocks to buy. RBC Capital maintained its Outperform rating for Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) on September 19 and raised its price target from $435 to $500, citing strong Amvuttra sales data.

According to the firm, August script data show that Amvuttra made $167 million in revenues, which represents a 17% increase from July, a 40% growth from June, and a 238% spike from February until the launch of cardiomyopathy (CM).

Amvuttra’s peak sales might reach $9.3 billion, according to RBC Capital, which increased its earlier estimate of $7.9 billion. In addition, the firm believes that Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) could raise its TTR guidance by about $300 million, to about $2.5 billion.

Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) is a prominent biopharmaceutical company focused on RNA interference (RNAi) treatments, with a number of FDA-approved medications for rare genetic illnesses.

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Disclosure: None. This article is originally published at Insider Monkey.