Here at the midpoint, 2012 is looking like a strong year for biotech and some risky names have done quite well. Although not coming close to the gains seen in Arena Pharmaceuticals (ARNA), Amylin Pharmaceuticals (AMLN), or Lexicon Pharmaceuticals (LXRX), RNA interference specialist Alnylam Pharmaceuticals (ALNY) has come on strong with encouraging early-stage data and a greater risk tolerance on the part of investors.

All of the standard warnings apply to Alnylam, as the company is indeed many years from potential product approvals and none of the company's programs are in advanced trials. Upping the risk even more is the fact that RNA interference is still an unproven approach and many Big Pharma companies appear to have backed away from the technology. All that said, this company has a broad clinical program, numerous high-value targets, deep IP, and a healthy balance sheet.

5x15 Program Coming Into View

When I last wrote about Alnylam, the company was mostly a technology/intellectual property play, and the company's "5x15" program was still coming together. Now, however, there is early-stage data on multiple programs and a clearer vision for the company's near-term research and development efforts.

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