Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) executive Tolga Tanguler, who serves as the company's Executive Vice President and Chief Commercial Officer, has recently sold a total of $370,747 worth of company stock, according to a new SEC filing.
The transactions, which took place on June 25, 2024, involved the sale of shares at varying prices ranging from $221.71 to $235.19. The sales were made as part of a pre-arranged plan to cover minimum statutory tax withholding obligations due upon the vesting of restricted stock units, as noted in the SEC filing.
Specifically, the executive sold 59 shares at an average price of $221.71, 13 shares at $224.17, 18 shares at $225.55, 34 shares at $226.82, 129 shares at $228.3, 266 shares at $229.06, 304 shares at $229.93, 99 shares at $231.59, 216 shares at $232.54, 115 shares at $233.53, 185 shares at $234.66, and 167 shares at $235.19. These transactions were automatically executed to satisfy tax obligations related to the vesting of stock awards.
Following these sales, Tanguler still holds a substantial number of shares in Alnylam Pharmaceuticals, indicating continued vested interest in the company's success.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. However, it is important to note that sales to cover tax obligations are a routine part of compensation for executives and may not necessarily signal a lack of confidence in the company.
Alnylam Pharmaceuticals is a biopharmaceutical company based in Cambridge, Massachusetts, known for its work in developing therapeutics based on RNA interference. The company's stock is traded on the NASDAQ under the ticker symbol ALNY.
In other recent news, Alnylam Pharmaceuticals has seen a series of significant developments. The company's HELIOS-B Phase 3 trial for vutrisiran, a therapeutic designed for patients with TTR amyloidosis with cardiomyopathy (ATTR-CM), met its primary endpoint, showcasing significant improvements in cardiovascular outcomes. Following these promising results, Alnylam plans to submit a supplemental New Drug Application (sNDA) to the FDA for vutrisiran in ATTR-CM by the end of 2024.
Several analysts have adjusted their outlooks on Alnylam following these developments. H.C. Wainwright maintained its Buy rating and a $400.00 price target, while Morgan Stanley (NYSE:MS) increased the price target for Alnylam to $250, maintaining an Equalweight rating. Stifel, RBC (TSX:RY) Capital, and BMO (TSX:BMO) Capital also maintained positive ratings for Alnylam.
On the financial front, Alnylam's Q1 2024 revenues reached $365 million, marking a 32% increase from the same period the previous year. The company's Transthyretin (TTR) franchise continues to fuel this growth. Alnylam is targeting net product revenues between $1.4 billion and $1.5 billion for 2024.
In comparison to Alnylam's data, TD (TSX: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. Meanwhile, BMO Capital maintained its positive outlook on Alnylam, reiterating an Outperform rating with a $234.00 price target. The company is planning to file Investigational New Drug applications for nine programs by the end of 2025.
InvestingPro Insights
Alnylam Pharmaceuticals has been exhibiting notable financial dynamics according to recent data from InvestingPro. An impressive 75.2% revenue growth over the last twelve months as of Q1 2024 indicates robust business expansion. This is further substantiated by a quarterly revenue growth of 54.82% in Q1 2024, showcasing the company's ability to increase its earnings over short periods consistently.
Despite the lack of profitability in the last twelve months, with a reported operating income margin of -8.78%, Alnylam has managed to maintain a strong gross profit margin of 83.95%. This suggests that while the company is facing challenges in turning its gross profits into net earnings, it is efficient in its core operations.
InvestingPro Tips highlight that Alnylam's stock is currently trading near its 52-week high, with significant returns over the last week, month, and three months. These returns reflect investor confidence and market momentum, which could be of interest to potential investors. Additionally, the company operates with a moderate level of debt and has liquid assets that exceed its short-term obligations, indicating a stable financial position.
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