Needham & Company analyst Chad Messer reiterated a Buy rating and lifted its price target on Ionis Pharmaceuticals (NASDAQ: IONS) to $64.00 (from $55.00) after the company and Biogen announced the pivotal ENDEAR study of nusinersen in infants with spinal muscular atrophy (SMA) met its primary endpoint at a pre-specified interim analysis. The trial will be halted and Biogen will file for approval in the US and Europe by YE:16.

Messer commented, "This unexpected positive outcome moves forward the timelines for nusinersen approval by ~6 months. We project >$5B in WW nusinersen sales in 2022. Ionis receives double digit royalties and could reach sustainable profitability as early as 2018. Ionis has 3 additional pivotal read outs coming in 1H:17. We remain buyers of IONS shares."

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 $29.19 yesterday.

Analyst Comments Analyst PT Change FDA Hot Comments Momentum Movers Trader Talk

Ionis Pharmaceuticals (IONS) PT Raised to $36 at Leerink PartnersAugust 1, 2016 3:30 PM Ionis Pharmaceuticals (IONS) PT Raised to $40 at BMO CapitalAugust 1, 2016 12:22 PM Biogen (BIIB), Ionis (IONS) Announce Nusinersen Phase 3 Met Primary Endpoint in Infantile-Onset SMAAugust 1, 2016 7:34 AM Biogen and Ionis Pharmaceuticals Report Nusinersen Meets Primary Endpoint at Interim Analysis of Phase 3 ENDEAR Study in Infantile-Onset Spinal Muscular AtrophyAugust 1, 2016 7:30 AM Ionis Pharma (IONS) Unit Receives EC Orphan Drug Designation Volanesorsen as FPL TreatmentJuly 28, 2016 4:01 PM Akcea Therapeutics Receives Orphan Designation in Europe for Volanesorsen for the Treatment of Familial Partial Lipodystrophy (FPL)July 28, 2016 4:00 PM