Investing.com - BMO Capital raised its price target on Alnylam Pharmaceuticals (NASDAQ: ALNY ) stock to $360 from its previous target while maintaining an Outperform rating.

The price target increase comes after BMO observed significant upticks in weekly sales data for Amvuttra reported by IQVIA following the drug’s approval for ATTR-CM on March 20.

BMO expects Amvuttra U.S. sales in the second quarter to reach approximately $340-385 million, which would represent more than 60% above consensus estimates.

The firm anticipates this performance will drive a strong "beat and raise" quarter for Alnylam, potentially resulting in 10-15% upside for the stock with approximately 80% probability.

While BMO acknowledged some investors remain skeptical about IQVIA data accuracy, the firm believes the second-quarter IQVIA sales figures will maintain similar accuracy to the past five quarters of ATTR-PN sales data, though inventory levels may differ.

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