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Alnylam Up 2.0% on Phase 1 Initiation of OLE Study with ALT-AT3

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Top ten mid-cap stocks return an average of -0.5%

Considering the market cap, the top ten mid-cap stocks of the SPDR S&P Biotech ETF (XBI) gave an average return of -0.5% compared to 0.9% for the SPDR S&P 500 ETF (SPY) on October 8, 2015. The top ten stocks include Alkermes (ALKS), United Therapeutics (UTHR), and Seattle Genetics (SGEN), which returned -0.13%, 2%, and -2.5%, respectively.

The above graph reflects the performance of XBI’s top ten mid-cap stocks compared to XBI and SPY on a daily basis since October 5, 2015.

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Alnylam up 2.0%

Alnylam Pharmaceuticals (ALNY) rose 2.0% on news that it has initiated a Phase 1 open-label extension (or OLE) study with ALN-AT3 for the treatment of hemophilia and rare bleeding disorders.

The Phase 1 OLE study will evaluate the long-term safety and efficacy of ALN-AT3 and provide people with hemophilia who are enrolled in the Phase 1 study the opportunity to continue dosing. The company plans to report clinical data from the Phase I OLE study at least once per year, starting in 2016.

ALNY closed at $82.28 and was trading below the 20-day, 50-day, and 100-day moving averages. ALNY has a weight of 0.91% in XBI’s portfolio. The other stock that went up was Intercept Pharmaceuticals (ICPT), which rose 6.2%. In two days, the stock gained ~14% on good buying support. ICPT closed at $190.71. It has a weight of 1.0% of XBI’s portfolio.

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