Ionis Pharmaceuticals upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Ionis Pharmaceuticals (IONS) to Overweight from Equal Weight with a price target of $57, up from $51, ahead of Tryngolza Phase 3 CORE/CORE2 data in severe hypertriglyceridemia due likely in September. After having spoken with three key opinion leaders and doing a deep dive on historical clinical trials, natural history data, and statistical analysis, the firm sees a greater than 90% probability that the trial will hit the primary endpoint and sees a high probability it will hit all key second biomarker endpoints, the analyst tells investors.