Selected stock price target news of the day – October 10, 2023

By: Matthew Otto

Alnylam’s Onpattro Setback and Cardiomyopathy in ATTR

Alnylam Pharmaceuticals faced a setback as the U.S. Food and Drug Administration (FDA) rejected the expanded approval of its drug Onpattro for patients with transthyretin amyloidosis (ATTR) and cardiomyopathy. The rejection followed a favorable vote from an advisory committee, which had raised concerns about the clinical meaningfulness of Onpattro’s efficacy in this new indication. The FDA’s concerns led Alnylam to abandon its efforts to secure approval for Onpattro in the cardiomyopathy indication. The company now shifts its focus to two other medicines, including vutrisiran, currently undergoing a Phase 3 study for cardiomyopathy in ATTR, with results expected in the first half of the next year.

Transthyretin amyloidosis (ATTR), a rare and debilitating disease that manifest into cardiomyopathy, a condition affecting the heart. ATTR, characterized by the buildup of abnormal amyloid proteins, poses a significant threat to cardiac health, leading to complications like cardiomyopathy. Cardiomyopathy in ATTR is a severe cardiac involvement that often results in impaired heart function.

Varied Analyst Sentiments with Price Target Reductions

Citigroup analyst David Lebovitz Maintained Buy rating and lowered the price target from $266 to $233.
Needham analyst Joseph Stringer Maintained Buy rating and lowered price target from $240 to $200.
Jefferies’ Maury Raycroft: Lowers price target to $238.
Evercore ISI analyst Liisa Bayko Lowered price target to $210 from $252.
BMO Capital analyst Kostas Biliouris Lowered price target to $234.
Morgan Stanley analyst Andrew Galler Lowered price target to $175.

Which Analyst has the best track record to show on ALNY?

Analyst Michael Ulz (MORGAN STANLEY) currently has the highest performing score on ALNY with 14/15 (93.33%) price target fulfillment ratio. His price targets carry an average of $35.6 (22.58%) potential upside. Alnylam Pharmaceuticals stock price reaches these price targets on average within 137 days.

PepsiCo Raises Full-Year Outlook Amidst Volume Challenges

PepsiCo has outperformed analysts’ expectations, reporting adjusted earnings per share of $2.25 against the anticipated $2.15. The company also exceeded revenue predictions, with reported revenue of $23.45 billion compared to the expected $23.39 billion. Notably, the company has raised its full-year earnings outlook, anticipating constant currency earnings per share growth of 13% for 2023, up from the previous estimate of 12%. This marks the third consecutive quarter in which PepsiCo has revised its yearly forecast, indicating an optimistic outlook.

Despite the overall positive financial results, PepsiCo faced challenges in its North American beverages unit, experiencing a 6% decline in volume. The company attributed this decline to price hikes implemented to counter inflation, which, in turn, impacted consumer demand. Noteworthy, however, is the double-digit revenue growth observed in Gatorade, showcasing successful segments within the beverage portfolio. Looking ahead to 2024, PepsiCo anticipates organic revenue growth between 4% and 6%, with core constant currency earnings per share growth in the high single digits.

Analyst Perspectives on PepsiCo Price Target

Wedbush analyst Gerald Pascarelli Reiterated an Outperform rating and a $195 price target.
CFRA analyst Garrett Nelson Lowered price target to $210.

Which Analyst has the best track record to show on PEP?

Analyst Steve Powers (DEUTSCHE BANK) currently has the highest performing score on PEP with 24/25 (96%) price target fulfillment ratio. His price targets carry an average of $17.58 (15.77%) potential upside. PepsiCo stock price reaches these price targets on average within 305 days.

Applied Digital’s Fiscal Q1 2024 Report: Growth and Milestones

Applied Digital has released its fiscal first-quarter financial results, showcasing growth and strategic advancements. Revenues for Q1 2024 surged to $36.3 million, a leap from $6.9 million in the same period last year. This increase in hosting revenues was primarily driven by the full operationalization of the 180-megawatt Ellendale facility in North Dakota and the initiation of the company’s first AI cloud service contract. The hosting facilities, including the 100-megawatt Jamestown facility, demonstrated consistent uptime, contributing to a steady performance throughout the quarter.

Operating expenses for Q1 2024 stood at $17.1 million, rising from $5 million in the previous year. The net loss for the quarter was $9.6 million compared to a net loss of $4.7 million in Q1 2023. On a positive note, adjusted net income reached $0.1 million showcasing an improvement from an adjusted net loss of $3.4 million in the same quarter last year. The company’s adjusted EBITDA for Q1 2024 reached $10 million, compared to an adjusted EBITDA loss of $1.9 million in Q1 2023. The balance sheet revealed a financial position, ending the quarter with $31.2 million in cash, cash equivalents, and restricted cash, and $44 million in debt. Customer prepayments, a key element of their revenue structure, played a role in bolstering their cash flow, with an additional $15 million received since the quarter closed.

Analysts Uphold Positive Outlook for Applied Digital

HC Wainwright & Co. analyst Kevin Dede reiterated a Buy rating and a $12 price target.
Needham analyst John Todaro maintained a Buy rating and a $17.5 price target.

Which Analyst has the best track record to show on APLD?

Analyst John Todaro (NEEDHAM) currently has the highest performing score on APLD with 3/4 (75%) price target fulfillment ratio. His price targets carry an average of $2.75 (49.74%) potential upside. Applied Digital stock price reaches these price targets on average within 34 days.