Ionis Pharmaceuticals price target lowered to $45 from $60 at BMO Capital

BMO Capital lowered the firm’s price target on Ionis Pharmaceuticals (IONS) to $45 from $60 and keeps a Market Perform rating on the shares. The company’s 2024 revenues beat consensus estimates, but its 2025 revenue guidance calls for 15% decline, accounting for decreasing R&D revenues and increasing commercial revenues in FCS – familial chylomicronemia syndrome – and significant competition in HAE – hereditary angioedema, the analyst tells investors in a research note. Given the delay in the highly-anticipated Pelacarsen readout, the sHTG readout in the second half of 2025 is the only major catalyst for Ionis in 2025, the firm adds.