RBC Capital has cut its price target for Alnylam Pharmaceuticals to $450.00 from $465.00 while retaining an Outperform rating, pointing to potential short-term obstacles for the biotechnology company even as it praises Alnylam’s recent commercial progress.
The stock is currently trading at $313.49, substantially below its 52-week high of $495.55 but comfortably above its 52-week low of $205.87. Valuation metrics remain elevated by conventional measures, with a price-to-earnings ratio of 138.32 according to InvestingPro data.
Commercial performance and recent revenue trends
RBC noted Alnylam’s strong commercial execution in 2025, when reported revenue for key products more than doubled from $1.2 billion to $2.5 billion. The company’s Amvuttra therapy has established a dominant position in second-line treatment with a 69% market share and holds the runner-up slot in first-line therapy with a 37% share, indicators cited by analysts as evidence of robust product uptake.
Broader top-line momentum is visible in InvestingPro’s figures, which show revenue growth of 65.19% over the trailing twelve months and total revenue of $3.71 billion. InvestingPro Tips additionally indicate that net income is expected to increase this year and that analysts generally forecast continued profitability for the company.
Near-term headwinds identified by RBC
Despite the upbeat commercial statistics and Alnylam’s reiteration of its 2026 revenue guidance range of $4.4 billion to $4.7 billion, RBC cautioned about factors that could produce a softer first quarter. The firm specifically highlighted a $25 million sequential reduction in ex-US revenue guidance attributed to price erosion, and it expects U.S. revenue growth to be more modest compared with the $111 million gain recorded in the fourth quarter.
RBC also emphasized that Alnylam’s balance sheet remains strong: liquid assets exceed short-term obligations and the company reports a current ratio of 2.76. Those liquidity metrics are cited as a buffer against near-term pressures.
Pipeline milestones and longer-term outlook
On the development side, Alnylam is targeting clinical de-risking data for treatments in Huntington’s disease, obesity, and hereditary hemorrhagic telangiectasia (HHT) in the second half of 2026. RBC framed these readouts as important for visibility on growth paths beyond Alnylam’s transthyretin (TTR) franchise.
The analyst team reiterated confidence in the company’s quality, noting that an estimated 80% of the approximately 300,000 global TTR-cardiomyopathy (TTR-CM) patients remain undiagnosed, which represents a material opportunity if diagnosis and treatment rates improve. RBC also observed that the stock’s valuation has become more subdued after the company lost about $25 billion in market capitalization from its peak.
Recent quarterly results and other analyst moves
Alnylam’s fourth-quarter 2025 results were mixed. The company beat earnings-per-share expectations, reporting EPS of $1.25 versus the $1.19 analysts had forecast, a 5.04% positive surprise. Revenue, however, missed consensus, with $1.1 billion reported against an expected $1.15 billion, a 4.35% shortfall.
In parallel analyst activity, BofA Securities trimmed its price target for Alnylam to $460 from $462 while maintaining a Buy rating. BofA highlighted several 2026 catalysts of note, including completion of enrollment in a phase 2 trial of mivelsiran for cerebral amyloid angiopathy (CAA) and the planned initiation of a phase 2 Alzheimer’s disease study in the first half of the year. These program milestones are listed as key events investors will watch when assessing Alnylam’s growth trajectory.
Bottom line
RBC’s adjustment of the price target reflects a recalibration for short-term revenue risks even as the firm affirms confidence in Alnylam’s commercial execution and longer-term prospects tied to pipeline readouts. The company’s liquidity and current ratio are presented as financial strengths that should provide resilience during any near-term softness.
Investors will likely monitor the pace of U.S. revenue growth, the impact of ex-U.S. price erosion, and the timing and content of the H2 2026 clinical de-risking data as the next meaningful inputs for the stock’s outlook.