Ionis Pharma (IONS): nusinersen Potential Is Large Enough to Support Much of the Current Valuation - Piper Jaffray
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Piper Jaffray analyst, Joshua Schimmer, reiterated his Overweight rating on shares of Ionis Pharmaceuticals (NASDAQ: IONS) along with the price target of $46. The analyst sees a particularly bright future now anchored around nusinersen for SMA which is licensed to BIIB but potentially a big enough product that even a 10-15% royalty to IONS could support much of the current valuation.
Shares are likely to be volatile around nusinersen updates vs ones for AVXS and its rapidly emerging gene therapy, but the analyst believes nusinersen has enough of a head start in infantile onset SMA and a very clear head start in childhood SMA to stay ahead of the race, although the coming years should be informative.
Beyond nusinersen, the analyst sees a compelling antisense platform that is very misunderstood by investors who focus on side effects that are either of minimal clinical relevance or will be obviated by the improving chemistry. IONS is a top mid-cap pick.
Shares of Ionis Pharmaceuticals closed at $35.45 yesterday.
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