UPDATE: Piper Jaffray Upgrades Alnylam Pharmaceuticals to Overweight; Overhang Removed

Piper Jaffray raised its rating on Alnylam Pharmaceuticals

from Neutral to Overweight and increased its price target from $19 to $25. Piper Jaffray noted, "With the Tekmira litigation behind them, Alnylam can now focus on RNAi clinical progress and partnerships in 2013. Specifically, we look forward to Phase II ALN-TTR02 data this summer to prepare the company for pivotal studies by year-end. We also expect Alnylam to file INDs on sub-cutaneous formulations of ALN-TTR02 and ALN-AT3, an innovative hemophilia therapy. We also look for Alnylam to continue to partner its RNAi therapeutic pipeline, most importantly ALN-PCS to lower cholesterol." Alnylam Pharmaceuticals closed at $17.99 on Tuesday.