Alnylam Pharmaceuticals' (ALNY) Q2 financial results will be important in determining where 2026 revenue will fall within the guidance range and whether management would further refine that guidance, BofA Securities said in a note Tuesday.

The investment firm said it remains bullish on the large commercial opportunity in transthyretin amyloid cardiomyopathy, but is taking a more conservative stance on the long-term opportunity pending details on the competitive dynamics.

The firm's survey of cardiologists treating ATTR-CM patients has consistently shown that Amvuttra will continue to gain market share, though there has been variability in estimates of its share relative to stabilizers, according to the note.

Analysts said they now expect longer Amvuttra net price erosion through 2031 as competitive and payor dynamics continue to impact price, and estimate potential peak sales in ATTR-CM across Amvuttra and nucresiran of $11.8 billion, down from $14.6 billion previously.

BofA Securities kept its buy rating on Alnylam and lowered its price target to $410 from $460.

Shares of Alnylam Pharmaceuticals were down 2.7% in Tuesday trading.

Price: 280.17, Change: -7.89, Percent Change: -2.74