Semtech Corporation (Nasdaq: SMTC), a technology company specializing in semiconductor solutions, reported earnings of $0.11 per share for the second quarter of fiscal 2024, surpassing the consensus EPS estimate of $0.02. Quarterly sales for Semtech amounted to $238.37 million, slightly exceeding analysts' projected revenue of $237.37 million.

However, looking ahead to the third quarter of fiscal 2024, Semtech anticipates an adjusted loss per share in the range of $(0.22) to $(0.09), in contrast to the consensus EPS estimate of $0.11.

$SMTC was trading at $21.77 in after-hours, down $1.10 or 4.81%.

In other news, Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY) has reported a positive outcome following the U.S. Food and Drug Administration's (FDA) Cardiovascular and Renal Drugs Advisory Committee (CRDAC) meeting. The discussion revolved around the supplemental New Drug Application (sNDA) for patisiran, an investigational RNAi therapeutic designed to treat the cardiomyopathy associated with transthyretin-mediated (ATTR) amyloidosis.

The CRDAC conducted a vote, resulting in a 9:3 decision that the benefits of patisiran outweigh its risks in treating this underdiagnosed, rapidly progressive, and life-threatening disease. ATTR amyloidosis is characterized by misfolded transthyretin (TTR) proteins accumulating as amyloid deposits in various body parts, including the heart, leading to cardiomyopathy and heart failure.

The FDA has scheduled an action date of October 8, 2023, in accordance with the Prescription Drug User Fee Act. 

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