Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) finished Friday, December 19, 2025, with shares around $400 and little change in after-hours trading — but the setup into the next U.S. session looks more eventful than the calm “after the bell” tape suggests. ALNY ended the day near $400.23 (up about 1.15%), after trading roughly between the mid-$395s and low-$408s on heavy volume (about 12.6 million shares). [1]
Because December 19 was a Friday, the next U.S. equity market open is Monday, December 22, 2025 — and that date matters for ALNY for one major reason: the Nasdaq-100 index reconstitution takes effect before Monday’s open, and Alnylam is on the add list. [2]
Below is what investors and traders should know heading into the next session, based on the most current reporting and analysis published today (Dec. 19) and the latest company and market updates.
ALNY after-hours check: where the stock stands after the bell
As of the post-close session on Dec. 19, Alnylam shares were still trading around $400, essentially holding the regular-session level. The last reported trade time in the after-hours window was in the early evening U.S. time, reinforcing the “steady close” feel despite the day’s larger intraday range.
That stability is notable because Dec. 19 was not a normal Friday for market microstructure.
Why Friday’s tape was noisy: “quadruple witching” and year-end positioning
Friday, Dec. 19, 2025 was the year’s final “quadruple witching” date — one of the quarterly expirations when multiple major derivatives contracts roll off at once, often pushing outsized trading volume into the close. Investopedia highlighted that this final quarterly expiration had a record-sized options rollover day (with estimates around $7.1 trillion in expiring contracts). [3]
Axios also described Dec. 19 as a major “triple witching”/expiration event with enormous notional expiring, noting that these days can generate huge volume even when headline volatility doesn’t explode. [4]
Why that matters for ALNY: even when a stock has no single, company-specific headline at 4:00 p.m. ET, expiration dynamics can amplify late-day flows, especially for widely held names or stocks with active options markets. In practice, that can mean bigger end-of-week prints and less “signal” in the day’s move than investors might assume from the price chart alone. [5]
The key catalyst for Monday: Alnylam joins the Nasdaq-100 before the open (Dec. 22)
The most actionable forward-looking development for ALNY heading into the next session is index inclusion.
Nasdaq-related reporting states the annual Nasdaq-100 reconstitution will take effect prior to market open on Monday, Dec. 22, 2025, and the add list includes Alnylam Pharmaceuticals, Inc. (ALNY). [6]
What Nasdaq-100 inclusion can do to a stock (and what it can’t)
Historically, index additions can lead to:
- Mechanical demand from funds and ETFs that track the Nasdaq-100 (and related benchmarked strategies).
- Higher short-term trading volume around the effective date.
- Potential price gaps at the open or imbalances into the close as passive flows execute.
But it’s not guaranteed to be a one-way trade: some of the “inclusion pop” can be front-run in the days after the announcement, and the effective date can sometimes become a “sell-the-news” moment, depending on positioning and broader market tone. The big takeaway is simpler: expect more flow-driven activity in ALNY into/around Monday’s open than you’d see on a typical Monday. [7]
Today’s ALNY headlines (Dec. 19): institutional positioning and investor commentary
While there wasn’t a single blockbuster clinical headline stamped at the close today, there was ALNY-specific reporting and analysis published on Dec. 19 that helps explain how investors are framing the name.
1) Institutional ownership update: Assenagon increases holdings
MarketBeat reported today that Assenagon Asset Management S.A. increased its holdings of Alnylam during the third quarter, citing a recent SEC disclosure (and noting the firm’s reported share count after the increase). [8]
These kinds of updates don’t usually move the stock by themselves in a large-cap biotech, but they do reinforce a key point about ALNY’s current market structure: the stock is heavily institutionally owned, which can intensify the effect of index events and rebalancing flows (like Nasdaq-100 inclusion). [9]
2) A “why it surged” recap tied to Amvuttra momentum
An Investor Monkey/Brown Advisory investor-letter recap published today emphasized that Alnylam’s prior strength has been closely linked to commercial execution around Amvuttra and the cardiomyopathy opportunity, while also noting broader hedge fund participation figures and referencing the company’s strong revenue trajectory. [10]
This is consistent with what investors have been watching all year: ALNY has traded less like a “binary clinical readout” biotech and more like a company in commercial scale-up mode, where script trends, payer dynamics, and guidance updates can matter as much as trial catalysts. [11]
Fundamentals in focus: Amvuttra, guidance, and what’s actually driving the long-term thesis
Even if Monday is dominated by flows, ALNY’s underlying story still anchors longer-term price discovery.
FDA-expanded opportunity (the backdrop to the 2025 rerating)
Reuters previously reported that the U.S. FDA expanded approval for Alnylam’s Amvuttra (vutrisiran) into ATTR-CM, positioning it in a market long dominated by Pfizer’s Vyndaqel and competing with other options — and quoting Alnylam leadership on profitability and future investment implications. [12]
Q3 performance and raised 2025 revenue guidance
In its third-quarter 2025 update, Alnylam reported Q3 total net product revenues of $851 million (up 103% year over year) and raised 2025 expectations to $2.95B–$3.05B in total net product revenues, tying the uplift to the ATTR-CM launch trajectory. [13]
Manufacturing capacity: $250 million Norton expansion
Just this week, Alnylam announced plans to invest $250 million to expand its Norton, Massachusetts manufacturing facility and scale an enzymatic ligation platform (siRELIS™), noting acceptance into the FDA’s Emerging Technology Program and targeting full operational readiness by late 2027. [14]
For investors, this matters because it speaks to:
- Cost of goods trajectory over time,
- the ability to support multiple launches (if the pipeline converts),
- and confidence in sustained global demand for RNAi therapeutics. [15]
Wall Street forecasts and what analysts are watching right now
Consensus price targets (street-wide)
Current sell-side consensus compiled by MarketBeat shows an average 12‑month price target around $477, with a wide range (roughly low-$300s to high-$500s), implying meaningful upside from Friday’s ~$400 level — but also reminding investors that forecasts vary widely depending on assumptions about the ATTR-CM ramp, pricing, and pipeline conversion. [16]
A key near-term debate: Q4 Amvuttra pace vs consensus
A TipRanks summary of Morgan Stanley commentary (dated Dec. 12, but still central in current debate) highlighted that monthly script-based reads suggested Q4 2025 Amvuttra sales may come in below consensus even if they remain consistent with company guidance, and noted expectations for preliminary Q4/full-year sales in early January with further guidance at the earnings release. [17]
Why this matters before Monday’s open: Nasdaq-100 flows may dominate the immediate tape, but the next fundamental “check-in” many investors are waiting for is early January sales color — and that expectation can influence whether buyers treat any flow-driven spike as a breakout or as a chance to fade strength. [18]
The next date to circle: ALNY earnings timing
For calendar awareness, Zacks currently lists Alnylam’s next earnings release as expected around February 12, 2026 (an estimate based on historical reporting cadence). [19]
Separately, the company’s own “Events” page currently shows no upcoming events listed at this time (with recent conferences appearing as past events). [20]
What to watch before the next market open (Monday, Dec. 22): a practical checklist
Here’s a trader/investor-focused checklist for ALNY heading into Monday:
1) Nasdaq-100 inclusion mechanics
- Watch for pre-market indications and any commentary around passive flow sizing.
- Expect higher-than-normal volume and potentially sharper open/close imbalances tied to index-tracking demand. [21]
2) Post-expiration volatility reset
With the Dec. 19 quarterly expiration behind the market, some “pinning” and hedging dynamics that can distort late-Friday trading may fade, changing the stock’s intraday feel. [22]
3) Key price zones from Friday’s range
Without over-reading a single session, Friday’s approximate range creates obvious reference points:
- Near-term support: the mid-$395s to ~$396 area (Friday’s lower zone). [23]
- Near-term resistance: the low-$408s area (Friday’s upper zone). [24]
4) News risk over the weekend (and early Monday)
Any biotech can gap on:
- regulatory or reimbursement headlines,
- competitor updates in ATTR-CM,
- or company pipeline/program communications.
While nothing suggests an imminent company announcement is scheduled, ALNY is a headline-sensitive name because of its commercial ramp and competitive landscape. [25]
5) The “next real catalyst” beyond index flows
Many investors will quickly pivot from index mechanics to early January sales updates (as highlighted in recent analyst commentary), which can reset sentiment about Q4 execution and 2026 guidance direction. [26]
Bottom line for ALNY after the Dec. 19 close
Alnylam stock ended Dec. 19 near $400 and stayed calm after hours, but Monday’s session is set up to be less about “quiet biotech drift” and more about market structure: Alnylam’s Nasdaq-100 addition becomes effective before the Dec. 22 open, a classic recipe for flow-driven volume and potentially sharp price discovery. [27]
Under the surface, the longer-term bull/bear debate remains the same: how durable and scalable Amvuttra’s ATTR-CM ramp is, how pricing and competition evolve, and whether pipeline investments (and manufacturing scale initiatives) translate into sustained growth and improving economics. [28]
References
1. www.investing.com, 2. www.nasdaq.com, 3. www.investopedia.com, 4. www.axios.com, 5. www.investopedia.com, 6. www.nasdaq.com, 7. www.nasdaq.com, 8. www.marketbeat.com, 9. www.marketbeat.com, 10. finviz.com, 11. finviz.com, 12. www.reuters.com, 13. investors.alnylam.com, 14. www.businesswire.com, 15. www.businesswire.com, 16. www.marketbeat.com, 17. www.tipranks.com, 18. www.tipranks.com, 19. www.zacks.com, 20. investors.alnylam.com, 21. www.nasdaq.com, 22. www.investopedia.com, 23. www.investing.com, 24. www.investing.com, 25. www.reuters.com, 26. www.tipranks.com, 27. www.nasdaq.com, 28. investors.alnylam.com
