Alnylam's stock surges as heart drug vies with a Pfizer blockbuster
By Eleanor Laise
'Clear home run' for Alnylam also boosts shares of Ionis Pharmaceuticals and Intellia Therapeutics
Alnylam Pharmaceuticals Inc.'s stock (ALNY) jumped nearly 40% premarket on Monday after the company released results of a late-stage trial for a heart drug that analysts see competing with a key Pfizer treatment.
The Alnylam drug, vutrisiran, cut the risk of death and recurring cardiovascular problems by 28% in the overall trial population, the company said in a release. The trial involved patients with transthyretin amyloidosis with cardiomyopathy, or ATTR-CM, a debilitating condition that causes the heart to stiffen and limits its ability to pump blood.
Some patients in the trial also took Pfizer's drug for ATTR-CM, which is called tafamidis and marketed as Vyndaqel or Vyndamax. Alnylam's vutrisiran cut the risk of death by 36% in the overall patient population and by 35% in patients taking vutrisiran alone, Alnylam said. Both patient groups also achieved significant improvements on a six-minute walk test, a questionnaire that assesses patients' perception of their health and other measures of disease progression.
The results look like a "best-case scenario win," William Blair analyst Myles Minter said in a research note Monday. The "clear home run" for Alnylam, Minter said, also bodes well for Ionis Pharmaceuticals Inc. and Intellia Therapeutics Inc., which are working on related treatments. Ionis shares (IONS) gained about 6% premarket on Monday, while Intellia's stock (NTLA) was up 10%.
The new data show vutrisiran to be "a very competitive drug" in ATTR-CM, BMO Capital Markets analyst Kostas Biliouris said in a research note, with the potential to be used as a first-line treatment for the condition or in combination with Pfizer's Vyndaqel. Pfizer generated $3.3 billion in global sales from the Vyndaqel family of drugs in 2023, up 36% from a year earlier. The pharmaceutical giant's stock (PFE) was up 0.3% premarket Monday.
Alnylam said it plans to file a supplemental application with the Food and Drug Administration for approval of vutrisiran in ATTR-CM. The drug, marketed as Amvuttra, is already approved for treatment of nerve damage related to transthyretin amyloidosis.
Alnylam's stock was down 13% in the year to date through Friday, while the S&P 500 SPX gained 14.6%.
-Eleanor Laise
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
06-24-24 0912ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
Q3 2024 Stock Market Outlook: Is the AI Stock Trade Over?
-
Ian Bremmer: 4 Big Geopolitical Risks to Watch
-
What’s Happening In the Markets This Week
-
Obesity Drug Stocks: Why It Will Be ‘Exceptionally Difficult’ to Dethrone Eli Lilly and Novo Nordisk
-
What Does Chipotle’s Stock Split Mean for Investors?
-
5 Stocks to Buy Before the Fed Cuts Interest Rates in 2024
-
Markets Brief: Inflation Is Back In the Spotlight
-
What a Strong Economy Now Means for the Rest of 2024
-
10 Top Dividend Stocks for 2024
-
Finding Small-Cap Stock Opportunities In a Big-Cap World
-
The 10 Best Companies to Invest in Now
-
Nike Earnings: Dim Sales Outlook Slams Shares, but Patient Investors Could Be Rewarded
-
2 Top E-Commerce Stock Picks
-
Our Top Pick for Investing in US Renewable Energy
-
Micron Earnings: We Raise Our DRAM Forecast and Valuation Behind Stronger Pricing Assumptions
-
10 Undervalued Wide-Moat Stocks