Cautious Optimism for Ionis Pharmaceuticals Amid Promising Olezarsen Data and Awaited CORE/CORE2 Insights

Kostas Biliouris, an analyst from BMO Capital, maintained the Hold rating on Ionis Pharmaceuticals (IONS – Research Report). The associated price target remains the same with $40.00.

Kostas Biliouris has given his Hold rating due to a combination of factors surrounding Ionis Pharmaceuticals’ current and future prospects. The recent Phase III data for Olezarsen met expectations, showing significant triglyceride lowering, which is a positive sign for its safety profile. However, the upcoming CORE/CORE2 readouts remain a critical focus for investors, as they will provide further insights into the drug’s efficacy and potential differentiation from existing treatments and competitors.
Despite the promising results, Biliouris maintains a cautious stance, as the ESSENCE study’s applicability to the broader CORE/CORE2 trials is limited due to differences in patient characteristics and baseline triglyceride levels. Additionally, while the safety profile of Olezarsen appears favorable, more detailed data is awaited to fully assess its impact, particularly concerning hyperglycemia. Therefore, while Ionis’ lead candidates show potential for addressing rare diseases, the current data does not significantly alter the company’s overall narrative, justifying the Hold rating.

In another report released yesterday, Morgan Stanley also maintained a Hold rating on the stock with a $52.00 price target.

Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IONS in relation to earlier this year.