UPDATE: Piper Sandler Starts Ionis Pharmaceuticals (IONS) at Overweight

(Updated - March 30, 2022 4:13 PM EDT)

Piper Sandler analyst Do Kim initiates coverage on Ionis Pharmaceuticals (NASDAQ: IONS) with a Overweight rating and a price target of $54.00.

The analyst comments "We assume coverage of IONS with an Overweight rating and $54 price target. We expect shares to recover from last year's disappointing outcomes for multiple high-profile programs, as value drivers are reset and recalibrated onto the three near-term Phase 3 opportunities. We focus on Eplontersen for ATTR amyloidosis, Olezarsen for high TG, and Donidalorsen for HAE to provide valuation support and drive upside with clinical and regulatory progress. We believe positive Phase 2 data for all 3 drugs, as well as each having clinically validated targets, provide high probabilities of success for potential approval. We believe the next-gen LICA base for these drugs should vastly improve their commercial profiles compared to Ionis's earlier gen therapies, with better efficacy, safety and convenience. We view the majority of Ionis's 40+ clinical-stage drug pipeline and potential for new collaboration deals as upside to our estimates."

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 $36.48 yesterday.

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