Alnylam Pharma falls after convertible bonds sale hiked to $575 mln

Shares of Alnylam Pharmaceuticals ALNY.O down 3.2% to $466.82 on Weds after above-target capital raise

Cambridge, Massachusetts-based Alnylam late Tues announced pricing $575 mln 0% convertible bonds (CBs) due 2028

Initial conversion price of $670.11 represents 40% premium to the stock's VWAP from 12:30 p.m. through market close on Tues

ALNY shares on Tues rose 6% to record high close of $482.13 after co late Mon announced $500 mln offering

Co intends to use net offering proceeds to help fund repurchase of approx $637.8 mln of its 1% CBs due 2027

It also plans to use $30.7 mln to pay cost of capped call transactions; the cap price of $837.61 is 75% above stock's VWAP in afternoon trading on Tues

Alnylam partners with French drugmaker Sanofi SASY.PA and Switzerland's Novartis NOVN.S on its RNAI drugs

Even with the decline on Weds, ALNY shares have roughly doubled YTD

25 of 32 analysts rate ALNY "strong buy" or "buy" and 7 rate "hold"; median PT is $448, LSEG data reflects