UBS Reiterates Sell Rating on Ionis Pharmaceuticals (IONS) Ahead of PKK-LRx Phase 2 Topline
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UBS analyst Esther Rajavelu reiterated a Sell rating and $33.00 price target on Ionis Pharmaceuticals (NASDAQ: IONS) noting that a "win" for a review of PKK-LRx clinical data should: 1) reduce HAE attack frequency by >90% with Q4W dosing, or 2) reduced injection burden (e.g., orals, Q8W, or one-time administration) with comparable safety/efficacy to current standards of care. Additionally, the bar for novel agents is high, near perfect resolution of HAE attacks.
The analyst stated "Our doc checks indicate a reasonable level of satisfaction with current prophylactic agents, especially Takhzyro which offers the highest rate of attack reduction with less frequent dosing than other approved agents. Therefore, our discussions suggest a novel agent with Q4W dosing would need to deliver 90%+ reduction in attack frequency (we acknowledge potential for variability on this point among physicians'/patients' views)."
Shares of Ionis Pharmaceuticals closed at $54.62 yesterday.
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