Ionis Pharmaceuticals (IONS) PT Raised to $68 at Leerink Partners

Leerink Partners analyst Mani Foroohar raised the price target on Ionis Pharmaceuticals (NASDAQ: IONS) to $68.00 (from $63.00) while maintaining a Outperform rating.

The analyst comments "Following topline results for zilganersen earlier this week (here), we incorporate an Alexander disease market model into our IONS model. Alexander disease is an ultra-rare progressive disorder (<1,000 US patients) caused by mutations in the GFAP gene, leading to developmental delay, seizures, muscle stiffness, and poor coordination, with only symptomatic/ supportive treatment currently available. Zilganersen, an ASO targeting GFAP to lower excess protein production, demonstrated stat-sig benefit on stabilization of gait speed (on 10MWT) and consistent benefit across key secondary endpoints. Detailed results at an upcoming medical conf. will provide greater clarity into clinical benefit, while OLE data (though several yrs out) will inform impact on disease progression & life expectancy."

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