Here's One Biotech Stock JMP Analysts Are Very Bullish On

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Michael King of JMP Securities hosted an investor call with Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY)'s management team and discussed revusiran injection site reactions (ISRs) and expectations for ALN-PCSsc data.

Alnylam already disclosed three discontinuations due to ISRs out of 25 patients in a Phase II open-label study. The analyst noted that management reiterated three points during the investor call:

• ISRs are common in subcutaneous delivered therapies with drugs such as etanercept (Enbrel, AMGN, NC) and mipomersen (Kynamro, GENZ, NC) exhibiting 36 percent and 84 percent ISR rates, respectively.
• Management anticipates lower ISR rates with the rest of the pipeline which is based on the more stable/potent GaINAc enhanced stabilization chemistry.
• There is no evidence of antibodies, cytokine release or other immune mediated reactions in response to revusiran.

Alnylam will release comprehensive ALN-PCSsc interim data from its Phase I, dose-escalation trial on Sunday, August 30, at 3:30 a.m. ET. The company will release the data at the European Society of Cardiology Congress in London.

King is expecting the data to allow determination of whether monthly dosing knocks down PCSK9 sufficiently to achieve a sustained therapeutic LDL-C lowering (50 percent).

Finally, the company will host a joint conference call with its partner, The Medicines Company (NASDAQ: MDCO) to discuss the results at 9:00 a.m. ET on Sunday.

Shares remain Market Outperform rated with an unchanged $144 price target, which is based on the analyst's discounted cash flow and sum-of-the-parts valuation methodologies.