Franklin Resources Inc. Increases its Ownership in Alnylam Pharmaceuticals
May 28, 2023 – Franklin Resources Inc., a global investment firm, recently announced its increased ownership in Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) after purchasing an additional 1.0% stake in the biopharmaceutical company during the fourth quarter of the previous fiscal year. According to the latest filing with the Securities and Exchange Commission, Franklin Resources now owns approximately 160,845 shares of ALNY’s stock, equivalent to $38,225,000 in worth as of their most recent financial declaration.
Alnylam is a globally recognized commercial-stage biopharmaceutical company with headline products such as ONPATTRO for hereditary transthyretin-mediated amyloidosis (hATTR), GIVLAARI for acute hepatic porphyria (AHP), and OXLUMO for primary hyperoxaluria type 1 (PH1). The firm specializes in synthesizing and commercializing RNAi therapeutics to treat genetic diseases that affect every aspect of life from infancy till adulthood.
The company’s first-quarter report for 2023 showed positive results despite challenges faced by the COVID-19 pandemic and sluggish market conditions. ALNY posted earnings per share (EPS) of ($1.40) for Q1; however, this exceeded market expectations as analysts expected an EPS of ($1.97). Moreover, the organization recorded a revenue increase of close to 50%, generating a total revenue value of $319.29 million compared to analysts’ expected revenue value of $312.53 million.
Although Alnylam had negative returns on equity (-1287.80%) and negative net margins (-93.13%) during this period, investors remain optimistic about future growth possibilities due to the success rate recorded from ongoing research initiatives and development programs.
As we navigate through an era that emphasizes technological innovation, genetic testing, and gene editing technologies, companies like Alnylam serve as critical stakeholder in the healthcare industry. While Franklin Resources’ latest acquisition boosts their portfolio value and potentially future earnings, it also signifies investor confidence in Alnylam’s established market presence and future growth prospects.
Franklin Resources’ recent transaction indicates a logical financial strategy that will foster increased shareholders’ wealth but also contributes to supporting and diffusing cutting-edge medical research projects aimed at developing treatments for serious genetic conditions.
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Investors Show Interest in Alnylam Pharmaceuticals Despite Insider Sale of Company Stock
Alnylam Pharmaceuticals, a global biopharmaceutical company that focuses on the discovery, development and commercialization of RNAi therapeutics, has recently seen several large investors modify their holdings in the company. O Shaughnessy Asset Management LLC purchased a new stake in the firm in the fourth quarter valued at $240,000, while Advisor Group Holdings Inc. increased its stake by 89% to 6,055 shares valued at $1,439,000 after purchasing an additional 2,851 shares during the period.
Other investors that added to their holdings include Aigen Investment Management LP with a 256.7% increase to now own 6,859 shares valued at $1,630,000 and Clearbridge Investments LLC who acquired a new stake worth about $13,465,000. Finally, SVB Wealth LLC saw their holdings increase by 6.7% over the fourth quarter to now own 2,049 shares worth $487,000.
The stock for Alnylam Pharmaceuticals opened at $188.26 on Friday and currently has a market capitalization of $23.44 billion with a P/E ratio of -21.66 and beta of 0.48. The one-year low for ALNY is recorded as $120.43 and its high was at $242.97.
While there is great investor interest in Alnylam Pharmaceuticals presently due to its growing success and industry recognition for its innovative RNAi therapeutics products including ONPATTRO,GIVLAARI,and OXLUMO , some insiders have sold significant amounts of company stock in recent months.Insiders sold 35,871 shares of company stock valued at $7,131,842 within the last ninety days leaving them with only around 1.4% of ownership stakes.
Despite insider movements other analysts have viewed Alnylam Pharmaceuticals as ideal for investment; StockNews.com rated it as a “buy” while Sumitomo Mitsui Financial Group ranked it “neutral” with a $220.00 price objective. Similarly, EF Hutton Acquisition Co. I gave the company a “buy” rating with a $304.00 target price, and Morgan Stanley boosted their price target from $205 to $210 giving ALNY an “equal weight” rating. JPMorgan Chase & Co has remained neutral on the company, lowering their price objective from $200 to $196.
Some investment analysts have produced consensus ratings of “Moderate Buy” with an average price target of $247.20 for Alnylam Pharmaceuticals; which indicates that investors and analysts are optimistic about the biopharmaceutical firm’s future performance in the industry especially its pipeline of RNAi therapeutics.