Jeffrey V. Poulton, the EVP and Chief Financial Officer of Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), has sold a portion of his company shares, according to recent filings with the Securities and Exchange Commission. The transactions, which took place on June 25, 2024, amounted to a total of $370,747.
The sales were executed in a series of transactions at prices that ranged from $221.71 to $235.19. While the exact number of shares sold at each price point was not disclosed, the weighted average sales prices were provided, allowing investors to gauge the range within which the sales occurred.
Poulton's sale was part of a mandatory sell-to-cover provision that is commonly included in award agreements. This provision requires the automatic sale of shares to cover minimum statutory tax withholding obligations due upon the vesting and settlement of restricted stock units. The CFO's actions reflect a common practice among executives to manage the tax implications associated with the vesting of equity awards.
Notably, the day prior to the sales, on June 24, Poulton also acquired 3,278 shares of Alnylam Pharmaceuticals stock at no cost, as part of a performance-based stock unit vesting. This vesting was related to the company achieving a specified performance measure concerning a positive outcome from a Phase 3 clinical study.
Following the sales, Poulton still holds a significant number of shares in the company, which remains a testament to his ongoing investment in Alnylam Pharmaceuticals. The remaining shares owned by Poulton after the transactions totaled 29,244 shares of common stock directly, with an additional 57 shares held indirectly through a managed account.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on their company's stock value and future prospects. However, such transactions are also influenced by personal financial management considerations and should not be viewed in isolation when assessing a company's overall health and performance.
Alnylam Pharmaceuticals, based in Cambridge, Massachusetts, is a biopharmaceutical company focused on the discovery, development, and commercialization of innovative RNA interference (RNAi) therapeutics. The company's stock is publicly traded on the NASDAQ exchange under the ticker symbol ALNY.
In other recent news, Alnylam Pharmaceuticals has made significant strides in its clinical trials and financial performance. The company's HELIOS-B Phase 3 trial for vutrisiran, a therapeutic for ATTR amyloidosis with cardiomyopathy, met its primary endpoint, significantly improving survival rates. These positive results have led to a series of analyst upgrades. H.C. Wainwright maintained its Buy rating with a price target of $400.00, while Morgan Stanley increased its price target to $250, maintaining an Equalweight rating. Stifel, RBC Capital, and BMO Capital also maintained positive ratings, with price targets of $247, $235, and $234, respectively.
These recent developments are part of a broader picture of growth for Alnylam. The company reported Q1 2024 revenues of $365 million, marking a 32% increase from the previous year, primarily driven by its Transthyretin (TTR) franchise. The company is targeting net product revenues between $1.4 billion and $1.5 billion for 2024.
However, TD Cowen maintained a Buy rating on shares of BridgeBio Pharma (NASDAQ:BBIO), suggesting that Alnylam's results fall short of the high bar set by BridgeBio's ATTRibute-CM trial. The full study results presentation at the European Society of Cardiology conference will be crucial for evaluating the comparative effectiveness of the treatments studied.
Alnylam plans to submit a supplemental New Drug Application (sNDA) to the FDA for vutrisiran in ATTR-CM by the end of 2024, potentially launching the drug in the second half of 2025. These developments underscore Alnylam's strong performance and potential for future growth.
InvestingPro Insights
In light of the recent insider transactions at Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), investors may find additional context from InvestingPro data and tips valuable. Here are some key metrics and insights:
InvestingPro Data:
- Market Cap (Adjusted): 31.04B USD, highlighting the significant size of the company within the biopharmaceutical industry.
- Revenue Growth (Quarterly) Q1 2023: 54.82%, indicating robust sales performance in the recent quarter.
- Price % of 52 Week High: 98.33%, showing that the stock is trading near its highest value over the past year.
InvestingPro Tips:
- The Relative Strength Index (RSI) suggests the stock is in overbought territory, which may interest traders looking for momentum or considering the timing of their investments.
- Despite not being profitable over the last twelve months, Alnylam has demonstrated strong returns, including a significant return over the last week and a substantial price uptick over the last six months.
For investors seeking a deeper understanding of Alnylam's financial standing and future prospects, InvestingPro offers additional tips. There are currently 12 more InvestingPro Tips available for Alnylam Pharmaceuticals, providing a comprehensive analysis of the company's performance and stock potential. Interested readers can uncover these valuable tips by visiting https://www.investing.com/pro/ALNY and can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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