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# Vanguard Portfolio Management Reports 5.03% Alnylam Stake As Bernstein Downgrade Hits Stock
- URL: https://www.bullished.co/vanguard-portfolio-management-reports-5-03-alnylam-stake-as-bernstein-downgrade-hits-stock-9ce10ac0/
- Published: 2026-10-30T17:56:46.000Z
- Updated: 2026-11-05T18:55:30.000Z
- Description: The passive Vanguard unit holds 6,732,082 Alnylam shares, while the stock fell about 2% in Friday trading.
- Author: Matteo Parrino
- Tags: SEC Filings, ALNY, Industry: Healthcare

Vanguard Portfolio Management reported a passive [5.03% stake](https://www.sec.gov/Archives/edgar/data/0002100121/000210012126001039/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) in [Alnylam Pharmaceuticals](https://www.bullished.co/tag/alny/), or 6,732,082 common shares, in a Schedule 13G filed Friday. Alnylam, which develops medicines based on RNA interference, a natural cell process that silences disease-causing genes, was trading lower the same day after a Bernstein downgrade.

## A passive 5.03% position

The filing lists the event date as September 30, 2026 and classifies Vanguard Portfolio Management as an investment adviser. The holdings span Vanguard funds and the affiliates Vanguard Fiduciary Trust Company and Vanguard Global Advisers.

Of the total, the unit holds sole voting power over [34,162 shares](https://www.sec.gov/Archives/edgar/data/0002100121/000210012126001039/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) and shared voting power over none. Vanguard certified that the shares were acquired and are held in the ordinary course of business, not to change or influence control of Alnylam.

Alnylam's market value was $23.3 billion in Friday trading.

## Downgrade and a steep slide

Alnylam shares traded at $170.39 in Friday trading, about 2% below the prior close of $174.00\. Bernstein [cut its rating](https://seekingalpha.com/news/4661437-alnylam-pharma-stock-downgraded-bernstein?ref=bullished.co) to Market Perform from Outperform, citing concerns about the design of the late-stage trial for nucresiran, the company's next-generation therapy.

The stock had already been under pressure. A [report](https://seekingalpha.com/news/4660287-alnylam-falls-despite-earnings-beats-us-amvuttra-onpattro-sales-growth-slows?ref=bullished.co) said shares fell about 18% in Thursday morning trading after third-quarter results, even though revenue and earnings beat expectations, as U.S. sales growth slowed for Amvuttra and Onpattro. A [commentary](https://sg.finance.yahoo.com/news/investors-got-wrong-alnylam-pharmaceuticals-043135206.html?ref=bullished.co) says the stock is down about 61% over the past year and that guidance for 2026 sales of its transthyretin-amyloidosis drugs was cut.

## What Alnylam sells

According to its annual report for 2025, Alnylam sells Amvuttra and Onpattro for transthyretin amyloidosis, Givlaari for acute hepatic porphyria and Oxlumo for primary hyperoxaluria type 1\. Partners commercialize Leqvio, for high cholesterol (Novartis), and Qfitlia, for hemophilia (Sanofi). The company also has more than 20 clinical programs, including several in late-stage development.

Vanguard's next ownership filings will show whether its Alnylam position changes after the downgrade and the trial-design concerns around nucresiran.

Learn

- [What a Reverse Termination Fee Means: Who Pays When a Merger Collapses →](https://www.bullished.co/learn/reverse-termination-fee-meaning/)  
A reverse termination fee is paid by the buyer to the target if a merger fails on agreed terms. See how it differs from a break-up fee, with live deal examples.
- [How To Read A Merger Proxy: A Checklist For Shareholders Facing A Vote →](https://www.bullished.co/learn/merger-proxy-statement-how-to-read/)  
Facing a merger vote? Read the proxy in this order: price and payment, vote date and threshold, board background, synergy claims, then closing conditions.

### Sources

- [SCHEDULE 13G — Vanguard Portfolio Management re: Alnylam Pharmaceuticals Inc (ALNY)](https://www.sec.gov/Archives/edgar/data/0002100121/000210012126001039/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) — SEC EDGAR
- [Alnylam Pharmaceuticals, Inc. (ALNY) Stock Price, News, Quote & History - Yahoo Finance](https://ca.finance.yahoo.com/quote/ALNY/?ref=bullished.co) — Yahoo Finance
- [What Investors Got Wrong About Alnylam Pharmaceuticals Before A 61% Slide](https://sg.finance.yahoo.com/news/investors-got-wrong-alnylam-pharmaceuticals-043135206.html?ref=bullished.co) — Yahoo Finance
- [Alnylam Pharma stock downgraded at Bernstein (ALNY:NASDAQ) | Seeking Alpha](https://seekingalpha.com/news/4661437-alnylam-pharma-stock-downgraded-bernstein?ref=bullished.co) — seekingalpha.com
- [Compared to Estimates, Alnylam (ALNY) Q3 Earnings: A Look at Key Metrics](https://finance.yahoo.com/markets/stocks/articles/compared-estimates-alnylam-alny-q3-130002947.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Alnylam falls despite earnings beats as US Amvuttra, Onpattro sales growth slows](https://seekingalpha.com/news/4660287-alnylam-falls-despite-earnings-beats-us-amvuttra-onpattro-sales-growth-slows?ref=bullished.co) — seekingalpha.com

### More on Alnylam Pharmaceuticals

- [Alnylam Stock Plunges 16%, Wiping Out $5.1 Billion, As Management Says Amvuttra Demand Lags](https://www.bullished.co/alnylam-stock-plunges-16-wiping-out-5-1-billion-as-management-says-amvuttra-demand-lags-d0f92b1c/)
- [Alnylam Will Skip 2027 Guidance At JPMorgan, Waiting On A Medicare 340B Rule](https://www.bullished.co/alnylam-will-skip-2027-guidance-at-jpmorgan-waiting-on-a-medicare-340b-rule-6932af0e/)
- [Alnylam CEO Says Company Is 'Not Yet Satisfied' With Amvutra Demand, Sees No Fourth-Quarter Acceleration](https://www.bullished.co/alnylam-ceo-says-company-is-not-yet-satisfied-with-amvutra-demand-sees-no-fourth-quarter-0fe809b3/)

[All Alnylam Pharmaceuticals (ALNY) coverage →](https://www.bullished.co/tag/alny/)