Freedom Capital Markets this week moved its recommendation on Alnylam Pharmaceuticals (ALNY) to Buy from Hold, while simultaneously cutting the firm's price target to $410 from $470.
Analyst Ilya Zubkov pointed to exceptional revenue acceleration for AMVUTTRA in both U.S. and international markets as the principal justification for the rating upgrade. The research note said Freedom Capital expects patient adoption trends for AMVUTTRA to stay solid through 2026.
At the same time, the firm warned that pricing dynamics will place increased pressure on net revenue and gross margin during the current year. Freedom Capital called out two related near-term risks: AMVUTTRA's expanding share of Alnylam's overall revenue mix and intensifying competition in the transthyretin (TTR) space. The analyst framed these factors as creating a two to three year revenue risk horizon.
Those risks are judged to be at least partially offset by Alnylam's diversified development pipeline, according to the research note. The reduction in the firm's price target to $410 was attributed to changes in short-term revenue and margin forecasts rather than to a change in long-term conviction about the company's franchises.
Freedom Capital's upgrade signals expected upside relative to the then-current share price, the analyst said.
Quarterly results and peer moves
Separately, Alnylam reported fourth-quarter 2025 results that combined an earnings beat with a revenue shortfall. The company posted adjusted earnings per share of $1.25, topping the consensus $1.19 estimate by 5.04 percent. Reported revenue came in at $1.1 billion, below the $1.15 billion that had been forecast, a 4.35 percent miss.
In response to recent developments, RBC Capital trimmed its price target on Alnylam to $450 from $465 but retained an Outperform rating, noting potential short-term headwinds while recognizing strong commercial execution and projected material revenue growth for 2025. BofA Securities also lowered its price target slightly to $460 from $462 but maintained a Buy rating, citing expected catalysts in 2026 including completion of a phase 2 mivelsiran study and the planned start of an Alzheimer’s disease trial.
These analyst moves illustrate a market balancing act: commercial momentum for AMVUTTRA and meaningful pipeline catalysts are weighed against pricing pressure, margin sensitivity, and competitive dynamics.
Bottom line
Freedom Capital’s shift to Buy reflects anticipated upside from the current stock price, grounded in AMVUTTRA’s commercial performance and a diversified pipeline. The lower price target reflects nearer-term adjustments to revenue and margin expectations amid the firm’s acknowledgement of competitive and pricing-related risks.