Leerink Partners analyst Mani Foroohar has reiterated their bullish stance on IONS stock, giving a Buy rating yesterday.
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Mani Foroohar has given his Buy rating due to a combination of factors including the positive outcomes from Ionis Pharmaceuticals’ Phase 3 CORE/CORE2 studies. The studies demonstrated significant reductions in fasting triglycerides and acute pancreatitis events, surpassing expectations and achieving an 85% reduction in pancreatitis events. These results indicate a strong potential for olezarsen in the severe hypertriglyceridemia market, which is valued at several billion dollars.
Additionally, the safety profile of olezarsen was favorable, with fewer serious adverse events compared to the placebo group. The promising data has led to an increased probability of success for olezarsen in the market, prompting an increase in the price target for Ionis Pharmaceuticals’ stock. The company’s strategic plans to submit a supplemental new drug application and present detailed data further support the positive outlook and the Buy rating.
In another report released yesterday, BMO Capital also upgraded the stock to a Buy with a $70.00 price target.