Ionis Pharmaceuticals: Underappreciated Bepirovirsen and Multiple Late-Stage Catalysts Support Buy Rating

William Blair analyst Myles Minter has reiterated their bullish stance on IONS stock, giving a Buy rating on January 5.

Myles Minter has given his Buy rating due to a combination of factors tied to Ionis’s emerging late-stage pipeline and newly validated HBV opportunity. He notes that the bepirovirsen Phase III B‑Well studies achieved statistically meaningful functional cure rates versus standard of care in chronic hepatitis B, supporting GSK’s plans to pursue global regulatory submissions in early 2026. Although detailed efficacy and safety data are still pending, he views bepirovirsen as a materially underappreciated asset, particularly in light of the growing multibillion‑dollar HBV market exemplified by Gilead’s Vemlidy. He further underscores the economic upside for Ionis from potential approval, given the expected regulatory milestone payments and mid‑teens royalty-like economics in the low double‑digit range on net sales.

Minter also frames 2026 as a catalyst-rich inflection year for Ionis, with five Phase III readouts expected across the portfolio. Investor attention, in his view, is already positively anchored by olezarsen following its strong efficacy data in severe hypertriglyceridemia and ongoing regulatory and commercialization discussions. In parallel, the upcoming results from pelacarsen’s large cardiovascular outcomes trial in ASCVD patients with elevated lipoprotein(a) could be field‑defining and a major value driver. Taken together, these multiple late‑stage shots on goal and the strengthening partnership economics lead him to reiterate a favorable outlook and support his Buy recommendation on Ionis shares.

Minter covers the Healthcare sector, focusing on stocks such as Ionis Pharmaceuticals, VistaGen Therapeutics, and Intellia Therapeutics. According to TipRanks, Minter has an average return of 26.7% and a 57.77% success rate on recommended stocks.

In another report released on January 5, Bank of America Securities also maintained a Buy rating on the stock with a $97.00 price target.