Acadian Asset Management LLC has reduced its stake in Alnylam Pharmaceuticals, Inc. by 14.0% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The asset management firm now holds 7,719 shares of the biopharmaceutical company after selling 1,258 shares during the period. As of the end of June, Acadian’s holdings in Alnylam were valued at approximately $2,515,000.
Other institutional investors have also adjusted their positions in Alnylam Pharmaceuticals recently. For instance, SVB Wealth LLC acquired a new stake valued at around $27,000 in the first quarter. In the second quarter, Atlantic Union Bankshares Corp and Ameritas Advisory Services LLC also entered new positions, valued at approximately $30,000 and $42,000, respectively. Notably, Larson Financial Group LLC increased its stake by 77.7% during the first quarter, now owning 199 shares worth about $54,000. Overall, institutional investors and hedge funds hold 92.97% of Alnylam’s stock.
Insider Trading Activity
In related developments, Alnylam’s Chief Executive Officer, Yvonne Greenstreet, sold 15,650 shares on November 12, 2023, at an average price of $453.69, resulting in a total transaction value of approximately $7,100,248.50. Following this sale, Greenstreet’s remaining holdings stand at 65,409 shares, valued at about $29,675,409.21, reflecting a 19.31% decrease in her ownership.
Similarly, Director Colleen F. Reitan sold 18,000 shares on September 9, 2023, for a total of $8,416,800.00 at an average price of $467.60. This sale reduced her ownership by 95.87%, leaving her with 775 shares valued at approximately $362,390. Over the past ninety days, insiders have sold a total of 82,346 shares valued at around $37,530,942, with insiders now owning 1.20% of the company’s stock.
Analyst Ratings and Company Overview
Recent commentary from analysts indicates a varied outlook for Alnylam Pharmaceuticals. Wolfe Research upgraded the company from an “underperform” to a “peer perform” rating on August 4, 2023. Raymond James Financial initiated coverage with an “outperform” rating and set a price target of $370.00. Additionally, Canaccord Genuity Group raised their price objective from $390.00 to $415.00, while Barclays increased their target from $460.00 to $527.00.
As of now, twenty-three analysts have rated Alnylam with a “Buy” rating, three have issued a “Hold” rating, and one has assigned a “Sell” rating. The consensus rating stands at “Moderate Buy” with a price target of $482.17, as reported by MarketBeat.com.
Founded in 2002, Alnylam Pharmaceuticals specializes in discovering, developing, and commercializing innovative therapeutics based on ribonucleic acid interference. Its marketed products include ONPATTRO (patisiran) for treating hereditary transthyretin-mediated amyloidosis, AMVUTTRA for hATTR amyloidosis, GIVLAARI for acute hepatic porphyria, and OXLUMO for primary hyperoxaluria type 1.
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