03:43 PM EDT, 09/19/2024 (MT Newswires) -- Alnylam Pharmaceuticals ( ALNY ) is "very confident" regarding a commercial uptake of its transthyretin amyloid cardiomyopathy, or ATTR-CM, treatment but remains cautious about regulatory challenges, RBC Capital Markets said in a Thursday note.

"On regulatory, language was a bit more guarded (mgmt did not definitively rule out the possibility of an AdCom) possibly reflecting recent history with the FDA and in the context of working with the cardio renal division of the FDA (among the most stringent divisions of the FDA as per our analysis)," according to the note.

The investment firm said Alnylam's management is confident the company will reach non-GAAP profitability in 2025.

RBC said it remains positive on Alnylam's stock, viewing it as undervalued despite perceptions of high cost, as the company is well-positioned in a $5 billion market with 80% of patients untreated and increasing investor interest globally, according to the note.

RBC has an outperform rating on Alnylam with a price target of $300.

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