Alnylam weakness on safety concerns a buying opportunity, says Piper Jaffray

Piper Jaffray analyst Edward Tenthoff attributes the initial weakness today in shares of Alnylam Pharmaceuticals to safety concerns from the interim Phase III givosiran data in acute hepatic porphyrias. Safety was consistent with prior Phase I data showing no additional deaths or cases of pancreatitis, five serious adverse events were due to underlying disease and one discontinuation for liver transaminase elevation resolved, Tenthoff tells investors in a research note. The analyst says he’s a buyer of Alnylam due to the unmet medical need in acute hepatic porphyrias. Tenthoff reiterates an Overweight rating on Alnylam with a $160 price target. The stock is down 1%, or $1.12, to $90.21 in early trading.

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