- MorganStanley Has suspected coverage on Ionis Pharmaceuticals Inc IONS with an Overweight (previously Underweight) and price target of $57 from $30 to capture the optionality of this near-term data.
- The analyst has added estimates for Ionis’ near-term pipeline products (Donidalorsen, Fesomersen, IONIS-AGT-LRx, IONIS-FBLRx and Cimdelirsen) and the associated increases in operating costs to fund these programs.
- Related: AstraZeneca – Ionis Eplontersen achieves positive data in rare disease study.
- The shift is due to increased pipeline confidence and recognition of mid-to-late stage assets as the antisense platform may finally be ready for prime time given chemical modifications, improved tissue targeting and reduced risk side effects.
- “Given the significant portion of the valuation tied up in cash and Spinraza royalties, we see an outsized risk/reward trade-off in several short-term catalysts over the next 12-18 months,” the analyst writes.
- Price promotion: IONS shares are up 6.74% to $47.26 on the latest check Friday.
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