Analyst Michael Ulz of Morgan Stanley maintained a Hold rating on Ionis Pharmaceuticals (IONS – Research Report), retaining the price target of $52.00.
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Michael Ulz has given his Hold rating due to a combination of factors related to the upcoming data release and market potential of Ionis Pharmaceuticals’ drug, olezarsen. The anticipated Phase 3 CORE/CORE2 data for olezarsen in severe hypertriglyceridemia (sHTG) is expected to be released in the third quarter of 2025. While the drug has shown promising results in reducing triglyceride levels in previous studies, the data on acute pancreatitis (AP) event rates, which are crucial for significant stock price appreciation, may not be available immediately.
Ulz believes that while there is a favorable risk/reward scenario with potential upside, the lack of immediate AP data could limit the immediate impact on the stock’s valuation. The market opportunity for olezarsen could expand significantly if the upcoming study results are positive, but the full impact will depend on the availability and favorability of AP data. Therefore, the Hold rating reflects a cautious optimism, balancing the potential for future growth with the current uncertainties.
Based on the recent corporate insider activity of 55 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.