Oppenheimer Sees No Read Through to Other Ionis Pharmaceuticals (IONS) Programs From Tominersen Discontinuation
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Oppenheimer analyst Kevin DeGeeter reiterated an Outperform rating and $63.00 price target on Ionis Pharmaceuticals (NASDAQ: IONS) after Roche announced discontinuation of Phase III GENERATION HD1 study of tominersen for HD. IONS management was emphatic there is no direct read through to other programs. Given absence of any notable confirmed AEs for tominersen and paucity of target engagement / phenotype data for HD, expansive interpretation of the Phase III discontinuation is not likely.
The analyst stated "We do not see read through to ASO backbone or other IONS neurodegenerative disease studies." He went on to state "Failure is in line with our outlook but timing (study stopped 12-plus months prior to expected follow up on primary endpoint) was a surprise. While we see additional risk with Tofersen Phase III readout for SOD-1 ALS in 2H21, we view current valuation as offering an attractive entry point for investors with 9-plus month outlook."
Shares of Ionis Pharmaceuticals closed at $44.76 yesterday.
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