Morgan Stanley Increases Price Goal on Alnylam Pharmaceuticals, Inc. (ALNY)

Why It Matters

The upgraded target underscores Alnylam’s accelerating revenue trajectory and positions it as a leading growth play in biotech, while the robust TTR franchise validates the commercial potential of RNAi therapies.

Key Takeaways

• Morgan Stanley lifts Alnylam price target to $370
• Q1 product revenue hits $1.036 billion, up 121% YoY
• TTR franchise generates $910 million, led by AMVUTTRA
• 2026 outlook remains $4.9‑$5.3 billion total revenue
• RNAi platform gains traction across multiple pipeline stages

Pulse Analysis

Morgan Stanley’s decision to raise Alnylam’s price objective to $370 reflects a broader shift in Wall Street’s view of RNA‑interference (RNAi) therapeutics. After a 121% year‑over‑year surge to $1.036 billion in first‑quarter product revenue, the firm sees a clear path to sustained growth. The upgrade, while modest, signals confidence that Alnylam’s commercial momentum will translate into higher earnings multiples, especially as investors compare it to peers in the high‑growth biotech arena.

The engine behind the revenue explosion is Alnylam’s transthyretin (TTR) franchise, which posted $910 million in sales, dominated by AMVUTTRA’s $890 million contribution. The drug, approved for hereditary transthyretin amyloidosis, has quickly become a cash‑cow, while ONPATTRO adds a modest $20 million from its broader indications. Management’s reaffirmation of a $4.4‑$4.7 billion TTR revenue range within its $4.9‑$5.3 billion 2026 outlook underscores the franchise’s scalability and the company’s reliance on expanding its RNAi pipeline through Phase 3 and early‑stage trials.

For investors, the upgraded target positions Alnylam as a premium‑priced, yet potentially rewarding, biotech play. The firm’s valuation now hinges on the ability to sustain double‑digit growth and successfully launch next‑generation RNAi candidates. Risks include regulatory scrutiny, competition from gene‑editing platforms, and the high cost of clinical development. Nonetheless, the combination of a proven commercial product, a deep pipeline, and growing market acceptance of RNAi therapies suggests that Alnylam could outpace many peers in the coming years.