Wk chg

2/15 cls

Alnylam Pharmaceuticals Inc. (NASDAQ:ALNY)


Megan McCloskey Dow


Hold (from buy)



McCloskey Dow downgraded as she awaits disease-modification data from Alnylam's lead RNAi programs, but raised her target to $27.50 from $20 on strong cash position, partnerships and clinical progress. She expects disease-modification data from a Phase II trial evaluating ALN-TTR02 in mid-2013. ALN-TTR02, being tested as a treatment for amyloidosis, is an RNAi targeting the transthyretin (TTR) gene using second-generation LNP technology. The ALN-TTR program is partnered with the Genzyme Corp. unit of Sanofi (Euronext:SAN; NYSE:SNY).

Amgen Inc. (NASDAQ:AMGN)

William Blair

John Sonnier


Market perform (from outperform)



Sonnier downgraded on the view that 2013 will be a transition year for Amgen following a significant stock price outperformance against the broader market. He noted Amgen shares were up 34% in 2012 vs. a market gain of 17%. Sonnier said the biotech's shares are trading at 12.2 times his 2013 EPS estimate of $7.10, which he raised from $6.94 to reflect new tax rate guidance. While Sonnier does not consider the valuation stretched, he does not see catalysts over the coming year that would raise the stock. He does believe 2014 has potential to be an "extremely formative year" for the company, with expected Phase III data from several products, including AMG 145 for hypercholesterolemia. AMG 145 is a human mAb against proprotein convertase subtilisin/kexin type 9 (PCSK9).