Alnylam Pharmaceuticals rated BUY despite recent stock drop, backed by strong drug sales and solid finances.

Willow Tree Research initiates coverage of Alnylam Pharmaceuticals with a non-consensus BUY rating, viewing the recent stock price decline as an overreaction. The company’s drug AMVUTTRA holds a near-term commercial monopoly in TTR silencing, with strong clinical data and projected revenue of $890 million by Q1 2026. Alnylam’s strong cash position of $3 billion and GAAP profitability reduce investment risk and support ongoing pipeline development. Key risks include market penetration of AMVUTTRA, payer dynamics, and phase 3 trial outcomes for another drug, nucresiran, but current valuation discounts these near-term strengths.