Ionis Pharmaceuticals (IONS) Earnings Looks Straightforward as Ongoing Trials Will Present Future Catalysts - RBC Capital
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RBC Capital analyst Luca Issi reiterated an Outperform rating and $76.00 price target on Ionis Pharmaceuticals (NASDAQ: IONS) after the company hosted an uneventful earnings call. Guidance for 2021 (>$600m top line and $675-725m Opex) came generally in line with our model. Multiple readouts are on the horizon, including four Phase II in 1H21 (acromegaly, CF, HAE, hypertension) and five in 2H21 (pivotal SOD1-ALS, C9-ALS, Alzheimer, Huntington and dyslipidemia).
The analyst stated "We continue to like the setup given multiple ways to unlock value and somewhat limited downside given a strong revenue-generating base, optionality for future partnerships and a shareholder-friendly approach already self-sustainable." The analyst went on to state "Tegsedi/Waylivra commercial execution continues to be sluggish ($15-20m/quarter through 2020) but we believe Spinraza will be resilient given: 1) US decline is offset by ex US growth, 2) ongoing trials (RESPOND/DEVOTE) will incrementally improve the profile and 3) we are encouraged by management commentary today that some patients are moving back to Spinraza from Evrysdi."
Shares of Ionis Pharmaceuticals closed at $56.21 yesterday.
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