Analyst David Lebowitz of Citi maintained a Buy rating on Ionis Pharmaceuticals (IONS – Research Report), retaining the price target of $64.00.
David Lebowitz has given his Buy rating due to a combination of factors including the promising potential of Ionis Pharmaceuticals’ drug, pelacarsen, which is currently undergoing the Phase 3 HORIZON trial. The trial is designed to assess the drug’s effectiveness in reducing major adverse cardiovascular events in patients with elevated Lp(a) levels, a condition linked to cardiovascular disease. The study’s robust design, which includes a large sample size and a focus on a high-risk population, increases the likelihood of demonstrating significant clinical benefits.
Experts have expressed optimism about the trial, suggesting that if successful, pelacarsen could become as widely used as statins, offering a substantial market opportunity. The expected share price return of 124.4% further underscores the potential financial upside, making the stock an attractive buy for investors. Additionally, the trial’s focus on secondary prevention aligns with current clinical priorities, enhancing its relevance and potential impact in the medical community.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $59.00 price target.
Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IONS in relation to earlier this year.