Here's Why Alnylam Pharmaceuticals Rallied 32.7% in September
Powered by encouraging phase 3 results for an important pipeline drug, shares of clinical-stage biotech Alnlyam Pharmaceuticals (NASDAQ: ALNY) , which focuses on RNAi treatments, gained 33% in September, according to data from S&P Global Market Intelligence.
While September turned out to a great month to be a shareholder, Alnylam actually kicked it off with some bummer news. Management announced it was halting all clinical development on Fitusiran -- a treatment candidate for the blood-clotting disorder hemophilia -- after a patient died during one of its trials. That was an especially troubling update because less than a year ago, Alnylam abandoned its former lead drug candidate, revusiran, over safety concerns.
Traders were able to shrug off that bad news within a few days, after Alnylam and its partner Sanofi (NYSE: SNY) released phase 3 clinical data on a drug called patisiran, which is a hopeful treatment for hereditary ATTR amyloidosis (hATTR) with polyneuropathy. A rare disease, hATTR affects about 50,000 people worldwide, and currently has limited treatment options.
Source: Fool.com
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