Piper Jaffray Maintains Neutral on Alnylam Pharmaceuticals

Piper Jaffray is out with its report today on Alnylam Pharmaceuticals

, maintaining Neutral. In a note to clients, Piper Jaffray writes, "Alnylam presented Phase I data on ALN-VSP02 in liver cancer at the American Society of Clinical Oncology meeting in Chicago on Saturday. ALN-VSP02 was well tolerated with 1 partial response and 12 patients with stable disease. Alnylam hopes to partner ALN-VSP02 ahead of Phase II studies, although we question the potential value of a deal. Alnylam expects to report Phase I data on ALN-TTR01 in 3Q:11 and file an IND on a more potent, 2nd-generation delivery formulation ALN-TTR02 in 2H:11. Alnylam is the leading RNAi play, however we remain Neutral ahead of clinical progress and validation." Piper Jaffray maintains a $10 PT on ALNY. Shares of ALNY closed Friday at $9.82, down 2.87% from Thursday's close.