Analyst Downplays Exit Of Alnylam Science Chief

NEW YORK (AP) — The departure of Alnylam Pharmaceuticals Inc.'s chief scientific officer is not a major problem for the company, an analyst said Monday in a note to clients.

Rodman & Renshaw analyst Simos Simeonidis said John Schmidt did not found Alnylam or build its research operations, so he was not vital to the company's research and development programs. Simeonidis speculated that either Alnylam or Schmidt decided they were not a good fit.

The company announced Friday the Schmidt was resigning effective Sept. 30. He joined the Cambridge, Mass., company Oct. 1, 2008. Simeonidis said the departure doesn't look good for the company but will not change much for Alnylam. He maintained a "Market Outperform" rating and a price target of $37.

Alnylam said it has no immediate plans to replace Schmidt.

In afternoon trading, Alnylam shares rose $1.12, or 4.9 percent, to $24.04.