The firm raised its target amid reduced competition following Ionis’ failed Phase 3 trial, bolstering Alnylam’s market position.
Morgan Stanley increased its price target for Alnylam Pharmaceuticals (NASDAQ:ALNY) to $400 from $370 on July 10, 2026, maintaining an Equal Weight rating. The adjustment follows Ionis’ (IONS) failed Phase 3 ATTR-CM trial, which analysts said weakens a key rival to Alnylam’s TTR silencer franchise and may improve pricing power.
Raymond James also raised its target to $468 from $420 the prior day, citing the same competitive shift. However, the firm noted potential risks for Alnylam’s next-generation nucresiran trial. H.C. Wainwright had previously lowered its target to $470 from $510 on June 29, trimming near-term estimates for Amvuttra but projecting over $20B in annual TTR franchise revenues by 2040.
Alnylam develops RNA interference-based therapeutics, with its TTR franchise central to long-term growth expectations.