UPDATE: Rodman & Renshaw Initiates Alnylam Pharmaceuticals at Market Outperform

Rodman & Renshaw is out with its report today on Alnylam Pharmaceuticals ALNY, initiating ALNY at Market Outperform. In its report, Rodman & Renshaw writes, "We are initiating coverage of Alnylam Pharmaceuticals with a Buy rating and a target price of $12. Once a market star that sported a market cap over $1 billion, ALNY shares have fallen from their all-time high of $35 to a level equivalent to the IPO share price in 2004. This is despite significant progress in the technology, a clear technological lead and strongest patent position in the RNAi space." At the time of posting, shares of ALNY were trading at $7.25, up 1.68% from Thursday's close.