Morgan Stanley ups Ionis target on ‘best-case scenario’ data

Morgan Stanley analyst Michael Ulz raised the firm’s price target on Ionis Pharmaceuticals (IONS) to $71 from $62 and keeps an Overweight rating on the shares. The company’s Phase 3 for olezarsen in severe hypertriglyceridemia demonstrated “groundbreaking benefits” on acute pancreatitis for the first time, the analyst tells investors in a research note. The firm now has increased conviction in the drug’s blockbuster market opportunity. Morgan Stanley views the the data as a “best-case scenario.” Ionis shares are up 33% to $56.55 in midday trading.