Analyst Joseph Stringer of Needham maintained a Buy rating on Ionis Pharmaceuticals, retaining the price target of $55.00.
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Joseph Stringer has given his Buy rating due to a combination of factors surrounding Ionis Pharmaceuticals. One of the primary reasons is the anticipated pivotal Phase 3 trial results for olezarsen in treating severe hypertriglyceridemia (SHTG), expected in September. This readout is seen as a significant catalyst for the company’s stock, given the high unmet medical need in this area and the large target market of approximately 3 million patients in the U.S., which represents a potential commercial opportunity exceeding $1 billion.
Stringer assumes a base-case scenario with a 50% probability of success, where the primary endpoint of triglyceride reduction is achieved, along with positive trends in reducing acute pancreatitis. In this scenario, there is an estimated 25% upside potential for Ionis’s shares. Additionally, the analyst models non-risk-adjusted peak U.S. revenue for olezarsen at approximately $1.3 billion, contributing significantly to the stock’s valuation.
In another report released on August 22, Citi also maintained a Buy rating on the stock with a $69.00 price target.