Biotech Values

[mcbio]

ALNY is off more than 40% in the past year and has an enterprise value of only $200M. Does anyone here find the stock attractive at this valuation?

They reported 1Q11 results today:
finance.yahoo.com/news/Alnylam-Pharmaceuticals-bw-1042593757.html?x=0&.v=1 .

I'm all for buying out of favor biotechs and hoping for a rebound in sentiment and share price, especially when it comes to those in good financial shape (which would appear to apply to ALNY). But, do you have confidence that the market will ultimately reverse course in its views on the RNAi field? ALNY is presumably going to need either some concrete clinical results in its RNAi pipeline or at least that change in investor sentiment regarding the possibility of future positive clinical results for a rebound in the share price. Do you see either of those as likely? And do you find the stock attractive at this valuation (presumably "yes" if you answered "yes" to the prior question)?