Ionis Pharmaceuticals (IONS) Selling Pressure 'Unwarranted' - BMO

BMO Capital analyst Do Kim defended Ionis Pharmaceuticals (NASDAQ: IONS), saying pressure from nine reported deaths of Spinraza patients in the FDA AERS database is an "unwarranted reaction."

"Given SMA Type 1 is usually fatal before one year and patients could have progressed too far to benefit from Spinraza fully, we would expect patient deaths," Kim commented. "We believe these deaths are not drug related, but are most likely due to disease progression. We believe consensus 3Q17 Spinraza estimate of $242mn (BMO $247mn) is beatable."

The firm maintained an Outperform rating and price target of $69.00

For an analyst ratings summary and ratings history on Ionis Pharmaceuticals click here. For more ratings news on Ionis Pharmaceuticals click here.

Shares of Ionis Pharmaceuticals closed at $52.61 yesterday.

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