Acadian Asset Management LLC has decreased its ownership of Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) by 14.0% during the second quarter of 2023, as revealed in a recent filing with the Securities and Exchange Commission (SEC). The asset management firm now holds 7,719 shares of the biopharmaceutical company, following the sale of 1,258 shares during this period. As of the end of the quarter, Acadian’s stake in Alnylam Pharmaceuticals was valued at approximately $2,515,000.
Other institutional investors are also adjusting their positions in Alnylam Pharmaceuticals. SVB Wealth LLC acquired a new stake in the company valued at around $27,000 in the first quarter. Atlantic Union Bankshares Corp and Ameritas Advisory Services LLC followed suit by acquiring new positions worth approximately $30,000 and $42,000, respectively, during the second quarter. Additionally, AlphaQuest LLC invested about $43,000 in Alnylam during the same period, while Larson Financial Group LLC increased its stake by 77.7%, owning a total of 199 shares valued at $54,000 after purchasing an additional 87 shares.
Institutional investors and hedge funds collectively own 92.97% of Alnylam’s stock.
Insider Trading Activity
In related developments, Alnylam’s Chief Executive Officer, Yvonne Greenstreet, sold 15,650 shares of the company’s stock on November 12, 2023. The shares were sold at an average price of $453.69, resulting in a transaction totaling $7,100,248.50. Following this sale, Greenstreet retains ownership of 65,409 shares, valued at approximately $29,675,409.21, reflecting a 19.31% decrease in her holdings.
Similarly, Director Colleen F. Reitan sold 18,000 shares on September 9, 2023, at an average price of $467.60, amounting to $8,416,800. After this transaction, Reitan holds just 775 shares worth about $362,390, indicating a significant 95.87% reduction in her ownership. Over the past ninety days, insiders have sold a total of 82,346 shares valued at $37,530,942, with company insiders currently owning 1.20% of the stock.
Analyst Ratings and Market Performance
Recent comments from research analysts reflect a growing interest in Alnylam Pharmaceuticals. Wolfe Research upgraded the company’s rating from “underperform” to “peer perform” on August 4, 2023. Meanwhile, Raymond James initiated coverage with an “outperform” rating and set a price target of $370.00 on July 30.
Canaccord Genuity Group raised its price target from $390.00 to $415.00 while maintaining a “buy” rating on August 1. Barclays also increased its target from $460.00 to $527.00, giving Alnylam an “overweight” rating on October 31. Conversely, JPMorgan Chase & Co. revised its price target down slightly from $475.00 to $473.00, labeling the stock as “overweight.”
Currently, twenty-three research analysts have issued a “Buy” rating for Alnylam Pharmaceuticals, three have rated it as “Hold,” and one analyst has assigned a “Sell” rating. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a price target of $482.17.
Alnylam Pharmaceuticals, Inc. focuses on discovering, developing, and commercializing innovative therapeutics based on ribonucleic acid interference. Its product portfolio includes ONPATTRO (patisiran) for treating hereditary transthyretin-mediated amyloidosis, AMVUTTRA for hATTR amyloidosis, GIVLAARI for acute hepatic porphyria, and OXLUMO for primary hyperoxaluria type 1.
