After the Reset

Why I Doubled Down on ALNY

This will be a “best ideas only” bio Substack providing actionable, highly digestible and high conviction value to investors focused on quality not quantity. Disclaimer: Nothing in this article (or Substack) is considered investment advice and is solely the opinion of the author.

I don’t think this is a complicated ‘trade’ so here’s a short note on the setup. On July 30, 2026, Alnylam Pharmaceuticals lost more than a quarter of its market value in a single session. The trigger: a $200 million trim to full-year TTR franchise guidance and a modest miss on Amvuttra sales versus consensus. For a company that had just posted its first-ever $1 billion quarter for its flagship drug, growing 74% year-over-year, that reaction looks disproportionate to what actually happened in the numbers. Here’s the case for why the market overcorrected and why the setup from here looks more attractive than the headline suggests.