Needham raised the firm’s price target on Ionis Pharmaceuticals (IONS) to $70 from $55 and keeps a Buy rating on the shares after the company announced that olezarsen met the primary endpoint of triglyceride lowering in both CORE and CORE2 phase 3 pivotal trials. The hit on the clinically relevant acute pancreatitis endpoint was an upside surprise, as investors had modest expectations given the relatively low visibility on anticipated AP event rates in this population, the analyst tells investors in a research note. That said, the firm believes the clear success on AP sets the competitive bar high and differentiates olezarsen.
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