Alnylam Pharmaceuticals (NASDAQ:ALNY) was the best performing large cap ($30B+) pharma or biotech in Q2, returning ~58.5% in the period.
The biotech’s strong performance was helped significantly in late June when it reported strong pivotal trial results for vutrisiran, a treatment for ATTR amyloidosis with cardiomyopathy, sending shares skyrocketing.
Following the data release, Seeking Alpha analyst Stephen Simpson wrote that the trial results significantly boost the company’s revenue generation opportunities. He gives Alnylam a fair value of $277/share. The stock closed June 28 at $243.
The second-best performing pharma or biotech of the quarter was Eli Lilly (NYSE:LLY), gaining ~19.1%. The Indianapolis-based drugmaker benefitted from increasing sales of its GLP-1/GIP diabetes and weight loss medicines containing tirzepatide, respectively, Mounjaro and Zepbound, as well as an endorsement earlier in June from FDA advisors for Alzheimer’s drug donanemab.
In third was AstraZeneca (NASDAQ:AZN), up ~16%. The U.K.-based drugmaker was buoyed in April by strong Q1 financial results as well as successful data readouts throughout the quarter.
Rounding out the top five were Moderna (NASDAQ:MRNA) and Novo Nordisk (NVO) with gains of, respectively, ~12.5% and ~11.9%.
The worst performer in Q2 with a ~21.6% decline was Bristol-Myers Squibb (BMY). The pharma has been struggling for some time and is down ~35% over the last year. However, in a recently published analysis, Seeking Alpha Investing Group Leader Danil Sereda wrote that despite issues related to upcoming patent expirations, Bristol has a strong product line and pipeline that bodes well for future growth and is currently undervalued.
The second worst was Amgen (AMGN), which lost ~10.4% in the quarter. Despite the disappointing results, Investing Group Leader Leo Nelissen is bullish on the biotech citing its dividend and promising results on weight loss candidate MariTide (AMG 133).
GSK (GSK) was the third poorest performer, down ~9.2% in the period. The stock was hit in early June after a Delaware judge allowed more than 75,000 Zantac lawsuits to proceed.
Rounding out the bottom five are Johnson & Johnson (JNJ) and Gilead Sciences (GILD) which lost, respectively, ~7.4% and ~5.9% in the quarter.
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