Credit Suisse Concerned Alnylam's Revusiran Trial Suspension Could Have Broader Pipeline Implications

Credit Suisse lowered its price target on shares of Alnylam Pharmaceuticals, Inc. ALNY, citing platform risk. However, the firm sees value if Patisiran works.

Analyst Alethia Young noted that FAC has been removed from her model, while she also lowered the probability of success for other earlier programs. Citing higher risk on clinical success and peak sales, the firm lowered its assumption despite Patisiran becoming is a different technology for a different disease.

Related Link: What Went Wrong With Alnylam's Revusiran Program?

Specifically, the analyst lowered her POS on FAP to 80 percent from 100 percent and peak sales forecast by $200. However, the analyst feels the late-stage Patisiran still has a reasonable shot of working mid-2017 and the PCSK9 read out may be positive in November.

Credit Suisse's valuation of Patisiran alone is $43 per share around. The firm now believes the platform will now become a show-me story, with greater focus on safety.

Citi has a price target of $50 for the shares of Alnylam. The stock closed at $36.21, down 48 percent.