Analyst Creates Bullish Pitch On Ionis Pharmaceuticals Citing 'Strategic Pivot Underway'

Piper Sandler assumed coverage of Ionis Pharmaceuticals Inc IONS with an Overweight rating and a price target of $58, citing Ionis is poised for a period of value creation as its strategic pivot toward commercializing select assets on its plays out. 

It sees three key late-stage value drivers for the company, eplontersen for ATTR amyloidosis, olezarsen for diseases associated with severely elevated triglycerides, and donidalorsen for hereditary angioedema (HAE).

The analyst notes that the clinical profiles for eplontersen, olezarsen, and donidalorsen as largely de-risked and competitive in their respective indications.

Piper Sandler says that for eplontersen, which is co-commercialized with AstraZeneca Plc AZN in the U.S., with FDA approval for hereditary transthyretin-mediated amyloid polyneuropathy (ATTRv-PN) in December, could be more competitive in the larger ATTR cardiomyopathy setting (where Phase 3 data is expected 1H25).

Also Read: AstraZeneca, Ionis Unveil Complete Phase 3 Data For ATTR Candidate, Says Drug Halts Disease Progression.

On Tuesday, Ionis announced $500 million Convertible Senior Notes due 2028.

Price Action: IONS shares are down 6.20% at $40.65 on the last check Wednesday.

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