BofA Securities has adjusted its 12-month price objective for Alnylam Pharmaceuticals (NASDAQ:ALNY) down to $460.00 from $462.00, while leaving its recommendation at Buy. At the time of the note the stock was quoted at $306.09, a level the research team says still implies meaningful upside from current market pricing. The share price had declined roughly 5.2% from the prior close, and InvestingPro data referenced by the note indicates the stock’s relative strength index (RSI) is in oversold territory.
The BofA report emphasizes several clinical and regulatory milestones scheduled for 2026 that could act as catalysts for the biopharmaceutical company. Among the items highlighted are completion of enrollment in a phase 2 trial of mivelsiran in cardiac amyloidosis (CAA) and the start of a phase 2 study in Alzheimer’s disease, both expected in the first half of the year.
Additional pipeline events noted for 2026 include planned phase 1 healthy volunteer data and proof-of-concept readouts for ALN6400 in hereditary hemorrhagic telangiectasia (HHT) in the second half of the year, and the initiation of a phase 2 trial in a second bleeding disorder in the first half. The research note also states Alnylam expects to report phase 1 data for ALN-HTT02 — for Huntington’s disease — and for ALN2232, targeting obesity/weight management, in the second half of 2026.
Beyond clinical data, BofA recorded that Alnylam intends to file three to four new Investigational New Drug (IND) applications during 2026, indicating continued expansion of its development portfolio.
On a corporate performance front, Alnylam’s market capitalization is reported at $40.42 billion. The company delivered robust revenue momentum over the last twelve months, with growth of 53.24% over that period, according to the note.
In quarterly results referenced by the research brief, Alnylam reported fourth-quarter 2025 earnings per share of $1.25, topping consensus estimates of $1.19 by approximately 5.04%. Revenue for the quarter was $1.1 billion, falling short of the $1.15 billion analysts had forecast, a miss of roughly 4.35%. BofA’s note frames these outcomes as mixed — an EPS beat paired with a revenue shortfall — and it records that there were no mergers or acquisitions announced in that reporting period. The note does not report any analyst upgrades or downgrades tied to the quarter.
Investors and market participants will be watching the cadence of clinical readouts and IND filings through 2026, as those events are the primary operational items highlighted as potential drivers of the company’s valuation. The research note’s maintained Buy rating and marginally trimmed target suggest the bank sees upside tied to successful execution on the items listed, while likewise taking a modestly more conservative stance on near-term valuation.
Key points
- BofA cut its price target on Alnylam to $460 from $462 but retained a Buy recommendation; the stock was trading at $306.09 and down about 5.2% from the previous close.
- Multiple 2026 catalysts were highlighted: phase 2 enrollment completion for mivelsiran in CAA, a phase 2 Alzheimer’s trial start in H1, phase 1 and proof-of-concept data for ALN6400 in HHT in H2, and phase 1 results for ALN-HTT02 and ALN2232 in H2, plus 3-4 planned IND filings.
- Recent quarter showed an EPS beat ($1.25 vs. $1.19 est., +5.04%) but a revenue miss ($1.1B vs. $1.15B est., -4.35%); market cap is $40.42B and trailing 12-month revenue growth is 53.24%.
Risks and uncertainties
- Clinical and regulatory risk - Several key trial readouts and IND filings are scheduled for 2026, and their outcomes are uncertain; these events directly impact the biotech and healthcare sectors.
- Revenue execution risk - The recent quarterly revenue shortfall relative to expectations highlights potential pressure on near-term commercial performance, affecting investor sentiment in pharmaceutical equities.
- Market and technical volatility - The stock’s recent decline and an RSI indicating oversold conditions point to potential near-term volatility for investors in healthcare and broader equity markets.