SteelPeak Wealth LLC has decreased its holdings in Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) by 45.6% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now owns 1,635 shares of the biopharmaceutical company after selling 1,373 shares during the period. At the close of the reporting period, these shares were valued at approximately $745,000.
Several other institutional investors have also adjusted their positions in Alnylam Pharmaceuticals. Notably, Generali Asset Management SPA SGR significantly increased its stake by 6,368.0% in the same quarter, now holding 3,234 shares worth about $1,475,000 after acquiring an additional 3,184 shares. Another firm, True Wealth Design LLC, raised its stake by 1,528.6%, owning 228 shares valued at $104,000 after purchasing 214 additional shares.
Other notable transactions include Salomon & Ludwin LLC, which acquired a new position worth approximately $27,000, and Merit Financial Group LLC, which increased its position by 123.9% to own 4,231 shares valued at $1,930,000. Additionally, Meridian Financial Advisors LLC boosted its stake by 3.5%, now owning 828 shares worth $378,000. Currently, institutional investors and hedge funds collectively own 92.97% of Alnylam’s stock.
Insider Transactions and Stock Performance
In related news, two executives from Alnylam Pharmaceuticals sold substantial amounts of stock recently. Kevin Joseph Fitzgerald, Executive Vice President, sold 12,128 shares on November 17, 2023, at an average price of $452.18, totaling $5,484,039.04. Following this transaction, Fitzgerald holds 21,264 shares valued at approximately $9,615,155.52, representing a 36.32% decrease in his holdings.
Similarly, Yvonne Greenstreet, Chief Executive Officer, sold 15,650 shares on November 12, 2023, for a total of $7,100,248.50. After this sale, Greenstreet retains 65,409 shares, worth $29,675,409.21, reflecting a 19.31% decline in her stake. In total, insiders have sold 37,778 shares valued at approximately $17,096,988 in the past three months, with company insiders owning only 1.50% of the stock.
Analyst Ratings and Market Outlook
Alnylam Pharmaceuticals has garnered attention from various analysts recently. Royal Bank of Canada raised its price target from $435.00 to $500.00, maintaining an “outperform” rating. Additionally, Wall Street Zen upgraded the stock from “buy” to “strong-buy.” Oppenheimer reiterated an “outperform” rating, also setting the target price at $500.00.
Meanwhile, JPMorgan Chase & Co. adjusted its price target slightly down to $473.00 while keeping an “overweight” rating. Morgan Stanley raised its price objective from $405.00 to $475.00 with an “equal weight” rating. Overall, twenty-three equities research analysts have issued a Buy rating for Alnylam Pharmaceuticals, while four have assigned a Hold rating and one has given a Sell rating. According to data from MarketBeat.com, the company holds a consensus rating of “Moderate Buy” with an average price target of $477.44.
Alnylam Pharmaceuticals, Inc. focuses on developing RNA interference (RNAi) therapeutics. The company aims to innovate treatments by silencing disease-causing genes through small interfering RNA (siRNA) technology. Alnylam continues to advance multiple siRNA-based products, targeting a range of diseases with the goal of providing durable disease modification.
In summary, SteelPeak Wealth’s significant reduction in its stake, combined with notable insider transactions and positive analyst assessments, underscores the dynamic nature of investment in Alnylam Pharmaceuticals as it pushes forward in the biopharmaceutical landscape.
