In a report released today, Joseph Stringer from Needham maintained a Buy rating on Ionis Pharmaceuticals, with a price target of $70.00.
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Joseph Stringer has given his Buy rating due to a combination of factors surrounding the recent developments at Ionis Pharmaceuticals. The company announced that its drug, olezarsen, successfully achieved the primary endpoint of reducing triglycerides in two pivotal Phase 3 trials for severe hypertriglyceridemia. Additionally, the drug also met a key secondary endpoint by significantly reducing acute pancreatitis events, which was an unexpected positive outcome that exceeded investor expectations.
Stringer believes that the success in these trials sets a high competitive standard in the treatment of severe hypertriglyceridemia and differentiates olezarsen in the market. The analyst anticipates U.S. approval for olezarsen in the second half of 2026 and projects peak U.S. revenue to reach approximately $1.3 billion. Consequently, Stringer has raised the price target for Ionis Pharmaceuticals to $70, reflecting the positive Phase 3 trial results.
In another report released today, Jefferies also maintained a Buy rating on the stock with a $96.00 price target.