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Tuesday, July 23, 2024

ALNY Stock Catapults 39% on Positive Drug Trial Results

ALNY Stock Boosts, Amid Positive Drug Trial Results

Shares of Alnylam Pharmaceuticals (ALNY) rocketed over 39% in pre-market trading on Monday after positive results from a late-stage clinical trial of its experimental heart disease drug.

Alnylam tested its RNAi therapeutic Vutrisiran in patients with ATTR amyloidosis with cardiomyopathy over a three year period. ATTR amyloidosis is a rare disease caused by the buildup of abnormal proteins in the heart. The study found that vutrisiran significantly reduced deaths and cardiovascular events. The drug also improved patients’ ability to walk and reduced symptoms.

If approved, vutrisiran would compete with Pfizer’s Vyndamax, an existing treatment for ATTR amyloidosis that generates around $4.5 billion annually.

The positive trial data provided a massive boost to Alnylam’s stock in pre-market trading. As of writing, shares skyrocketed 39% to $231, positioning the stock for a potential breakout above $212 resistance after consolidating for the past six months. The results are the best-case scenario for Alnylam and represent a significant step forward in its goal of developing RNAi therapies for rare diseases.

Lazarus Lucas is the Publisher, editor, and creator of LJLNews. Stock Market enthusiast, with an interest for politics. Independent trader, analyst, and asset manager. Lazarus publishes articles on LJLNews with technical analysis on various markets, such as currencies, stocks, and commodities. Contact: Lazaruslucas@ljlnews.com

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