UPDATE: Morgan Stanley Downgrades Alnylam Pharmaceuticals to OW from EW, Raises PT $72.00 from $54.00

In a report published Tuesday, Morgan Stanley analyst David Friedman downgraded Alnylam Pharmaceuticals (NASDAQ: ALNY) to Overweight from Equal-weight, raising its price target to $72.00 from $54.00. According to the report, the move was based on a more balanced risk/reward post recent stock strength.“We view Alnylam's technology as potentially transformative and see the prospects for the drugs that have been tested in humans as robust,” the report noted. “In addition, we view the recent Sanofi/Sirna transactions as steps that likely will help maximize the platform from many perspectives. However, in light of the recent stock strength over the past 12 mos, we see a more balanced risk/reward for shares heading into the major TTR program data catalysts in 2H14. Above- expectations TTR data in 2H14 or human proof of concept from an earlier-stage program (e.g. hemophilia) are events that would trigger a valuation re-evaluation.”ALNY closed Tuesday at $93.28 with shares trading up at 40.89 percent.