Ionis Pharmaceuticals (IONS) PT Lowered to $65 at RBC Capital After Tominersen Phase III Study was Discontinued
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RBC Capital analyst Luca Issi lowered the price target on Ionis Pharmaceuticals (NASDAQ: IONS) to $65.00 (from $76.00) after Tominersen Phase III study for HD was discontinued by the company's partner, Roche.
The analyst reiterated the Outperform rating, stating "the setback is unfortunate and we lower our price target to $65 from $76. However, we maintain our Outperform rating given that HD was never central to our investment thesis. We always argued high risk/reward, multiple ways to unlock upside (HAE, EnAC, ALS, APOC3, ANG3, Lpa, Spinraza resilience), and somewhat limited downside given a strong revenue base and a shareholder-friendly approach. Regarding other companies in our space, we see a more direct negative read-through for WAVE Life Sciences (NASDAQ: WVE) than uniQure (NASDAQ: QURE)".
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