Alnylam may open lower on narrower label than hoped, says Piper Jaffray

Piper Jaffray analyst Edward Tenthoff noted that the FDA approved Alnylam’s Onpattro with a label that restricts treatment to patients with polyneuropathy, versus inclusion of the broader cardiomyopathy population. The shares, which remain halted, may open lower given that the label is narrower than he anticipated, Tenthoff tells investors. However, he believes superior efficacy and first-to-market advantage will help Alnylam rapidly penetrate the orphan hATTR polyneuropathy market with premium pricing. Tenthoff keeps an Overweight rating and $160 price target on Alnylam shares, which were up $3.13, or 3.3%, at $97.38 when they were halted.

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