UPDATE: MLV & Co Downgrades Alnylam Pharmaceuticals to Hold Ahead of Pending Clinical Data
MLV & Co downgraded Alnylam Pharmaceuticals (NASDAQ: ALNY) from Buy to Hold and raised the price target from $20.00 to $27.50.
MLV & Co commented, "After negotiating terms with Tekmira Pharmaceuticals (Nasdaq:TKMR; Not Covered), the result of which was a one-time, $65-million restructuring charge in 4Q:12, we believe Alnylam has put its litigation issues behind it and emerged as the leading RNAi company. Considering Alnylam's progress in developing RNAi therapeutics and the company's collaborative strength, we are raising our one year-price target, which was previously under review, to $27.50, from $20.00. However, we are lowering our investment rating to Hold, from Buy, as we await disease-modifying data from Alnylam's lead partnered programs."
Alnylam Pharmaceuticals closed at $27.50 on Friday.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.