Kevin Joseph Fitzgerald, the Chief Scientific Officer and Executive Vice President, Head of Research at Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), has sold a portion of his company stock, according to recent filings with the Securities and Exchange Commission. The transactions, which took place on June 25, 2024, involved the sale of shares at prices ranging from $221.71 to $235.19, resulting in a total sale value of over $276,730.
The sales were executed in multiple transactions, with the weighted average sales price of shares sold in each price range provided upon request to the issuer, any security holder of the issuer, or the SEC staff. These sales were part of a mandatory sell-to-cover provision in the award agreement necessary to cover minimum statutory tax withholding obligations that became due upon the vesting and settlement of restricted stock units.
The series of transactions began with the sale of 45 shares at an average price of $221.71 and concluded with the sale of 125 shares at an average price of $235.19. In total, Fitzgerald sold shares in varying quantities, with prices incrementally increasing throughout the trading window.
Following these transactions, Fitzgerald's direct ownership in Alnylam Pharmaceuticals has decreased, but he still holds a significant number of shares. The exact number of shares owned following the transactions was reported as 14,181 for direct ownership. Additionally, Fitzgerald indirectly owns 537 shares through a managed account as part of the issuer's 401(k) plan.
These filings provide transparency into the trading activities of Alnylam Pharmaceuticals' executives and are a routine part of the disclosure requirements for company insiders. Investors often monitor such sales as they provide insights into executives' perspectives on the company's stock value and future performance.
In other recent news, Alnylam Pharmaceuticals has made significant strides in its clinical trials, financial performance, and received positive ratings from multiple analyst firms. The company's HELIOS-B Phase 3 trial of vutrisiran, a therapeutic designed for patients with TTR amyloidosis with cardiomyopathy (ATTR-CM), met its primary endpoint, showing significant improvements in cardiovascular outcomes. This success is expected to spur a supplemental New Drug Application (sNDA) to the FDA for AMVUTTRA in ATTR-CM by the end of 2024, potentially leading to a market launch in the second half of 2025.
The company's Q1 2024 revenues reached $365 million, marking a 32% increase from the same period the previous year, largely driven by its Transthyretin (TTR) franchise. Alnylam is targeting net product revenues between $1.4 billion and $1.5 billion for 2024.
Several analyst firms have updated their ratings on Alnylam's stock. H.C. Wainwright maintained its Buy rating and a $400.00 price target, while Morgan Stanley (NYSE:MS) increased the price target to $250 from the previous $164, maintaining an Equalweight rating. Stifel, RBC Capital, and BMO Capital also maintained positive ratings for Alnylam. TD Cowen maintained a Buy rating on shares of BridgeBio Pharma (NASDAQ:BBIO), suggesting Alnylam's results fall short of the high bar set by BridgeBio's ATTRibute-CM trial.
InvestingPro Insights
Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) has recently seen a notable change in its stock dynamics that investors may find worth considering. With a significant return over the last week, the company's stock has surged, as reflected by a 56.08% price total return in that period. Additionally, the momentum has been strong over the last month and three months, with total returns of 62.53% and 58.02%, respectively. This performance is particularly striking as the stock is trading near its 52-week high, at 98.33% of the peak value.
Despite this upward trajectory, analysts following Alnylam have expressed caution, noting that the company is not expected to be profitable this year. Moreover, the company's P/E ratio stands at a negative -96.06, indicating that investors are currently paying a premium for a company that is not generating earnings over the last twelve months as of Q1 2024. This could be a point of concern for value-focused investors.
On the positive side, Alnylam's liquid assets have surpassed its short-term obligations, suggesting that the company has a solid liquidity position to manage its immediate financial needs. This is an important metric for investors who are assessing the financial health and operational stability of the company.
For those interested in gaining more in-depth analysis and additional metrics on Alnylam Pharmaceuticals, there are further InvestingPro Tips available. These tips can provide valuable insights and help investors make more informed decisions. For a more comprehensive understanding of ALNY's financials and market performance, investors can visit InvestingPro and use the exclusive coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 12 additional InvestingPro Tips listed on the platform, this resource offers a wealth of information that could be pivotal in shaping investment strategies.
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