Ionis Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Jason Gerberry from Bank of America Securities maintained a Buy rating on the stock and has a $63.00 price target.
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Jason Gerberry has given his Buy rating due to a combination of factors related to Ionis Pharmaceuticals’ promising prospects in their ongoing clinical trials. The company’s Phase 3 CORE study for olezarsen, targeting severe hypertriglyceridemia (sHTG), is anticipated to show significant benefits, particularly in reducing acute pancreatitis (AP) events. This potential success in AP reduction is crucial as it supports the commercial viability of olezarsen in the larger sHTG market, which is often a silent disease but can lead to serious complications.
Furthermore, statistical analyses indicate a favorable likelihood of achieving statistically significant results in reducing AP events, even with a modest reduction rate. The enriched cohort within the study, which is expected to drive most AP events, enhances the probability of demonstrating these benefits. With a price objective set at $63.00 USD, Ionis Pharmaceuticals is positioned to capitalize on its advancements, making it an attractive investment opportunity according to Gerberry.
In another report released on August 6, H.C. Wainwright also reiterated a Buy rating on the stock with a $65.00 price target.