Analyst Michael Ulz from Morgan Stanley reiterated a Buy rating on Ionis Pharmaceuticals and increased the price target to $71.00 from $62.00.
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Michael Ulz has given his Buy rating due to a combination of factors that highlight the promising potential of Ionis Pharmaceuticals. The company’s recent webcast revealed impressive results from their Phase 3 CORE and CORE2 studies, showcasing olezarsen’s ability to significantly reduce triglycerides and acute pancreatitis events in patients with severe hypertriglyceridemia. These reductions exceeded investor expectations, particularly in the secondary endpoint of acute pancreatitis, which is crucial for patient outcomes.
Furthermore, olezarsen demonstrated a strong safety and tolerability profile, with fewer serious adverse events compared to placebo and a high continuation rate in the open label extension. This positive data strengthens the belief in olezarsen’s market potential as a blockbuster treatment. Ionis plans to further analyze the data and address the higher placebo effect observed in one of the studies, which underscores their commitment to transparency and thorough research. These factors collectively reinforce the Buy rating and the optimistic outlook for Ionis Pharmaceuticals.
In another report released today, Jefferies also maintained a Buy rating on the stock with a $96.00 price target.