Ionis Pharmaceuticals (IONS) PT Lifted to $46 at Piper Jaffray
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating and raised his price target on Ionis Pharmaceuticals (NASDAQ: IONS) to $46.00 (from $36.00) following Q2 earnings and an update on its antisense pipeline.
Schimmer commented, "The company provided some color on nusinersen for the treatment of infants with Type I spinal muscular atrophy (SMA) as it transitions the program to Biogen, ahead of regulatory applications in the U.S. and E.U. in the coming months. The second half of 2016 holds multiple catalysts for IONS as it shifts its pipeline towards lica and generation 2.5 chemistry and advances its programs toward a regulatory pathway. The company affirmed its financial guidance and reported cash and cash equivalents totaling $664M. We reiterate our OW rating and increase our PT from $35 to $46 as we increase the nusinersen royalty to reflect increases we made to sales in our BIIB model (our terminal growth assumption was lowered from 7% to 6.5% and the discount rate of 11.5% is unchanged)."
Shares of Ionis Pharmaceuticals closed at $36.33 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
- Jefferies Cuts Price Target on Kroger (KR) to $30 Following 3Q and Guidance
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings, Joshua Schimmer
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!